After shedding policies for several years, last-resort Florida insurer Citizens’ Property Insurance may be downsizing once again. Its board is again bringing in an external evaluator at the behest of a state legislator to help the insurer determine whether and how to further trim their policyholder base. Currently, the company holds over 400,000+ policies.
A result of the Florida Legislature, Citizens was intended to offer homeowners insurance if they were unable to apply for a private policy. In several instances, this may have included older properties deemed to be at greater risk in addition to mobile homes.
At one point, Citizens policies comprised more than ten percent of Florida’s residential property insurance market. Its numbers increased as private insurers dropped policies or went out of business due to the various storms that happened in Florida during the late 1990s and early 2000s, deeming the state a high risk.
To read more, visit the Tampa Bay Times at the following link: https://www.tampabay.com/news/business/2019/12/13/citizens-property-insurance-looks-for-ways-to-reduce-its-policy-count/.
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