Insurance Policy (Source: TFP File Photo) After a significant decrease in policies the previous week, Citizens Property Insurance Corp. saw a smal
After a significant decrease in policies the previous week, Citizens Property Insurance Corp. saw a small uptick in the number of Floridians it insures.
As of Friday, Citizens had 1,037,811 policies, a slight increase from the previous week but still considerably lower than the 1,271,907 policies it held two weeks prior.
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This fluctuation is attributed to the recent “depopulation” program, where private insurers are approved to take over Citizens policies. This program aims to reduce the size of Citizens, which has become Florida’s largest property insurer due to instability in the private market.
State leaders are keen to shrink Citizens to minimize financial risks associated with a major hurricane. If Citizens were to face a shortfall in funds to pay claims after a major storm, policyholders across the state, including those not insured by Citizens, could be subjected to assessments to cover the costs.
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Despite the recent increase, the overall trend for Citizens is a reduction in policies, which is a positive sign for the Florida insurance market.
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