Private insurers get the okay to take Citizens Property Insurance policies in Florida

homeowner's insurance
Property insurance. by designer481 via iStock for WMNF News.

©2024 The News Service of Florida

Florida regulators Thursday approved proposals by three insurers to take up to 54,386 policies from the state’s Citizens Property Insurance Corp. in May.

The approvals, signed by Insurance Commissioner Michael Yaworsky, are part of what is known as a “depopulation” program aimed at moving policies from Citizens into the private market.

Insurers have received a series of approvals in recent months to remove batches of Citizens policies.

The approvals Thursday would allow Slide Insurance Co. to remove up to 25,000 policies; American Integrity Insurance Co. of Florida to remove up to 19,386 policies; and Security First Insurance Co. to remove up to 10,000 policies.

Based on past depopulation efforts, the insurers will not take the maximum number of policies.

Citizens, which was created as an insurer of last resort, has become the state’s largest property insurer during the past three years as private insurers have dropped customers 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.

It had about 1.164 million policies as of last week.

You may also like

Restorative Justice, Truth and Reconciliation

The Forum talks with Tampa, FL City Councilman Luis Viera...

Possible site for state Black history museum narrowed to 3; Sarasota narrowly misses out

Listen: Members of the Black History Museum Task Force chose...

Let’s discuss whether or not the Tampa Bay Rays stadium proposal is a good deal for St. Pete

In his 1931 book “The Epic Of America,” James Truslow...

The Scoop: Fri., April 19, 2024 Tampa Bay and Florida headlines by WMNF

Gopher Tortoises threatened More than a third of adult gopher...

Ways to listen

WMNF is listener-supported. That means we don't advertise like a commercial station, and we're not part of a university.

Ways to support

WMNF volunteers have fun providing a variety of needed services to keep your community radio station alive and kickin'.

Follow us on Instagram

Step Outside
Player position: