Citizens Insurance continues to see growth as it tops more than 1.2M policies

That's more than 7,800 policies from a week earlier.
Published: May. 23, 2023 at 5:11 PM EDT
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GAINESVILLE, Fla. (WCJB) - As of Friday, the state-backed Citizens Property Insurance has topped more than 1.2 million policies, while continuing to add thousands of customers a week.

That’s up more than 78 hundred policies from a week earlier.

Citizens, which was created as an insurer of last resort, is noticing dramatic growth during the past two years as private property insurers are dropping customers and raising rates.

State leaders have long warned that Florida policyholders could get stuck with the tab... Through what are known as “assessments”... If citizens can’t pay all of its claims after a major hurricane.

Florida Chief Financial Officer Jimmy Patronis says legislation passed late last year will stabilize the private market and help shrink “citizens.”

“We have got to have a stable, healthy insurance market in the state of Florida” Patronis said. “At the end of the day, if the state of Florida has to step up to take care of its policyholders, that’s what we do.”

Citizens totaled just 589,000 policies in 2021 and 851,000 on 2022 around this time of year.

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