Florida-Backed Citizens Insurance Adds 5,500 Policies

Insurance Policy (Source: TFP File Photo)

The state-backed Citizens Property Insurance Corp. added more than 5,500 policies last week, continuing three years of rapid growth.

According to data on its website, citizens totaled 1,322,696 policies as of Friday, up from 1,317,175 policies a week earlier.

As an illustration of the growth, Citizens had 474,630 policies on June 30, 2020; 638,263 policies on June 30, 2021; and 931,357 policies on June 30, 2022.

In the news: Utility Shield, Hurricane Changes Go To Florida Gov. DeSantis

Citizens, which was created as an insurer of last resort, has become the largest property insurer in the state as private companies have dropped customers and raised rates because of financial problems.

Farmers Insurance Leaving Florida

The Florida insurance market took a hit Tuesday, as Farmers Insurance said it will end residential, auto, and umbrella policies in the state, forcing tens of thousands of customers to look elsewhere for coverage.

The company said the move will affect only Farmers-branded policies and will not affect policies sold in the state by subsidiaries Foremost and Bristol West. It indicated the Farmers-branded policies make up about 30 percent of the policies sold by the affiliated companies in Florida…

For the Full Farmers Story, View The Original Story.

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