Citizens Property Insurance Drops Below 800,000 Policies in Florida

Citizens Property Insurance Corp., Florida's insurer of last resort, saw its policy count drop to 777,592 last week, marking the lowest June total since 2021. This decline is part of a 'depopulation' program aimed at moving customers back to the private insurance market, with the policy count expected to fall below 654,000 by the end of 2025. The shift to private insurers has slowed during the current hurricane season but is anticipated to resume in the fall. Citizens became the state's largest insurer after private companies raised rates and dropped customers, but recent legislative changes in 2022 have improved market conditions by protecting insurers from costly lawsuits. Citizens President and CEO Tim Cerio noted that while policy numbers may temporarily rise during hurricane season due to new business, increased competition is helping stabilize the market and is beneficial for Floridians. The ongoing depopulation and market recovery efforts aim to reduce the financial risks Citizens faces if Florida encounters major hurricanes.