Florida-Backed Citizens Insurance Policies At 1.2M, Likely To Drop

Insurance Policy (Source: TFP File Photo)

The number of Citizens Property Insurance Corp. policies topped 1.2 million last week but likely will decrease as customers move to private insurers.

Citizens had 1,201,536 policies on Friday, up from 1,196,736 policies a week earlier and 1,191,940 two weeks earlier, according to data posted on its website.

But three private insurers — Slide Insurance Co., Security First Insurance Co. and American Integrity Insurance Co. of Florida — have been approved to assume policies from Citizens this week as part of what is known as a “depopulation” program.

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Citizens, which was created as an insurer of last resort, has become the state’s largest carrier in recent years as private companies dropped policies and raised rates because of financial problems.

Citizens reached as many as 1.412 million policies in fall 2023 before seeing reductions because of the depopulation program, which moves customers into the private market.

State leaders are seeking to reduce the size of Citizens, at least in part, because of financial risks if Florida gets hit by a major hurricane or multiple hurricanes.

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