Florida’s most used home insurance company Citizens announced it will begin shedding more property insurance plans next week. Legislation is also working through the Florida Legislature to reduce Citizens rolls even further by limiting second homes that would be eligible for Citizens.
Although over a million Floridians use Citizens than any other insurance provider, it’s not done by choice as those property owners are unable to buy policies elsewhere.
Gov Ron DeSantis told CNBC earlier this year that Citizens is “not solvent” drawing into question whether the insurer would be able to do its job in the event of a major storm.
Citizens continues to actively work through its “depopulation program,” a way of moving policyholders onto private insurers, shedding nearly 300,000 policies since its record numbers last September.
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, according to the state Office of Insurance Regulation website.
Property owners who receive depopulation notices are those who Citizens have determined may no longer be eligible for the policies they provide. Currently, only those who are unable to purchase a policy from any other provider and those who have been priced out of the private market are eligible for Citizen insurance. Homeowners can buy into Citizens as a last resort due to cost if the next cheapest plan for the same coverage is 20% higher or more.
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