Citizens Insurance adds policies, though private insurers could take batch of customers next week

*First published on March 13, 2024 / 4:00 PM EDT*

Citizens Insurance adds policies, though private insurers could take batch of customers next week

Updated on: March 13, 2024 / 4:01 PM EDT / CBS/News Service of Florida

TALLAHASSEE — The state’s Citizens Property Insurance Corp. had about 1.175 million policies as of Friday, though private insurers could take a batch of Citizens customers next week.

The total Friday was up from 1.171 million policies a week earlier and 1.164 million two weeks earlier, according to data posted on the Citizens website.

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 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 what is known as a “depopulation program,” which involves private insurers seeking approval from state regulators to assume policies from Citizens.

Six private carriers — Slide Insurance Co., Florida Peninsula Insurance Co., Edison Insurance Co., Southern Oak Insurance Co., American Traditions Insurance Co. and People’s Trust Insurance Co. — have received approval to assume Citizens policies next week, according to the state Office of Insurance Regulation website.