Florida's Citizens insurance nears 1.2 million policies
TALLAHASSEE, Fla. - The state’s Citizens Property Insurance Corp. ended last week with nearly 1.2 million policies, though some customers could be headed to private insurers.
Citizens had 1,196,736 policies on Friday, up from 1,191,940 a week earlier and 1,186,116 policies two weeks earlier, according to data posted on its website.
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 what is known as a "depopulation" program, which moves customers into the private market.
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Regulators have approved proposals by Slide Insurance Co., Security First Insurance Co. and American Integrity Insurance Co. of Florida to take out batches of Citizens policies by May 21 as part of the depopulation program, state records show.