Citizens Starts Year with 935K Policies
Citizens Starts Year with 935K Policies
State leaders want to reduce the number of policies in Citizens. They are concerned about financial risks from major storms.
TALLAHASSEE, Fla. — Citizens Property Insurance Corp. started 2025 with more than 935,000 policies. This is part of their plan to encourage customers to switch to the private market. Data posted on the Citizens website showed it had 935,576 policies as of Friday. That was down slightly from 936,203 policies a week earlier.
Citizens was created as an insurer of last resort but grew to become the state’s largest insurer in recent years because of financial problems among private carriers. In 2023, Citizens reached 1.412 million policies. They used a “depopulation” program to move policies to private insurers. It dipped below 1 million policies in November.
State leaders want to minimize the number of policies in Citizens, at least in part because of financial risks if the state gets hit by a major hurricane or multiple hurricanes. If Citizens does not have enough money to pay claims, policyholders in the state may have to pay "assessments." This could include policyholders who are not with Citizens.
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