Private insurers are meant to help Florida's not-for-profit Citizens Property Insurance Corp. reduce its role. But homeowners are seeing sky-high premium offers.
Florida homeowners who can’t find coverage from standard insurers turn to Citizens Property Insurance Corp. for affordable home insurance. Florida’s state-created home insurer of last resort currently covers more than 1.4 million properties — making it the largest home insurer in the state by far.Through its depopulation program, Citizens aims to help transfer its policyholders to private insurers.
Citizens Property Insurance depop programThe challenges of Florida’s difficult home insurance market, including more frequent and costly claims, have affected Citizens as well as private insurers. Frustrating ‘offers’ from private insurersIf a private insurer’s offer through the depopulation program is no more than 20% higher than what a policyholder pays with Citizens, the homeowner must accept the offer. If the homeowner doesn’t act on the acceptable offer, Citizens will assign their policy to the private insurer that has the lowest estimated premium. This rule also applies to Citizens’ policies at the time of renewal.
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