Private insurers continue to take over policies from the state’s Citizens Property Insurance Corp.
Seven carriers have assumed hundreds of thousands of Citizens policies, as part of an effort to reduce the number of homes insured by Citizens, which was created as an insurer of last resort.
The shift of customers is part of a strategy known as “depopulation,” which involves private insurers seeking approval from state regulators to take policies from Citizens.
By far, the company that assumed the most policies is Homeowners Choice Property & Casualty Insurance Co., which took 53,456 policies.
Many state leaders have long sought to move customers out of Citizens into the private market, at least in part because of the risk that policyholders across the state — including people who do not have Citizens policies — could be forced to help pay claims after a major hurricane or multiple hurricanes.
But officials say Citizens often charge lower premiums than private insurers, reducing the incentive for customers to leave Citizens.
As of the beginning of December, Citizens still had 1,255,381 policies. More additional policy takeouts are planned for December and January.
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