The Florida Office of Insurance Regulation approved 10 insurers to assume up to 254,811 policies from state-run Citizens Property Insurance in mid-December. Citizens, created as an insurer of last resort, grew to Florida’s largest insurer with more than 1.4 million policies in 2023, but has since dropped to 771,167. The depopulation program aims to shift policies back to the private market, though policyholders could face higher rates if private offers are within 20% of Citizens premiums. Approvals include Manatee Insurance Exchange, up to 50,000 policies; American Integrity Insurance Co., 30,265; Homeowners Choice, Monarch National, Stand Insurance Exchange, Tailrow Insurance Exchange and TypTap Insurance Co., 25,000 each; Apex Star Reciprocal Exchange, 24,546; Florida Peninsula Insurance Co., 15,000; and People’s Trust Insurance Co., 10,000.
Florida approves insurers to take Citizens policies
A person reviews a home insurance form. Florida regulators approved 10 insurers to assume more than 250,000 Citizens Property Insurance policies in December, part of a state effort to reduce financial risk from major storms.
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