08/28/2025
If you have a Citizens home Insurance policy they are forcing everyone to get Flood Insurance by year 2027, regardless if you live in a non flood zone. Start pricing private insurance companies now! This article below will help:
More Insurers Approved to Take Citizens Policies
Florida regulators approved private insurers to take tens of thousands of Citizens policies later this year as part of a program to reduce the state-run insurer’s size.
TALLAHASSEE, Fla. — Florida regulators have approved proposals by private insurers to take potentially tens of thousands of additional polices from the state’s Citizens Property Insurance Corp. late this year, as Citizens is expected to shrink after the thick of hurricane season.
Insurance Commissioner Michael Yaworsky last week signed orders that would allow five private insurers to assume up to 87,925 policies from Citizens in November and December. That came after the state last month approved proposals by nine companies to assume up to 428,947 policies in October, November and December.
The exact number of policies that will exit Citizens is unknown, as the totals approved are maximums. But last week’s orders are part of what is known as a “depopulation” program that is designed to reduce the size of Citizens, which was created as an insurer of last resort but became the state’s largest carrier in recent years amid financial problems in the private market.
As of Friday, Citizens had 770,729 policies. As of June 30, it had 774,814 policies; the next largest property insurer, State Farm Florida Insurance Co. had 643,671, according to a state Office of Insurance Regulation report.
Under the depopulation program, private carriers can seek state approval to assume certain numbers of Citizens policies. Citizens topped 1.4 million policies in 2023, and the depopulation program has played a key role in whittling that number.
But the program can have a downside from policyholders, who might see their rates increase. That is because of a law requiring Citizens customers to accept offers of coverage from private insurers if the offers are within 20% of the cost of Citizens premiums. For example, if a homeowner received an offer of coverage from a private insurer that is 19% higher than the Citizens premium, the homeowner would have to accept it.
The orders signed last week would allow Manatee Insurance Exchange to assume up to 51,500 policies in November; Monarch National Insurance Co. to assume up to 25,000 in November; Universal North America Insurance Co. to assume up to 10,000 in November and December; Slide Insurance Co. to assume up to 1,000 in November; and Trident Reciprocal Exchange to assume up to 425 in November.
The vast majority of the policies are what are known as residential multi-peril policies, while others are for such things as commercial residential coverage for apartment and condominium buildings.
State leaders have tried to reduce the size of Citizens, at least in part, because of concerns about financial risks if Florida gets hit by a major hurricane or multiple hurricanes. If Citizens couldn’t pay all of its claims, it could collect additional money from policyholders throughout the state – including possibly non-Citizens policyholders – to cover costs through what are known as assessments.
While the number of Citizens policies has decreased over the past two years, the depopulation effort has slowed this summer as insurers wait out the hurricane season, which started June 1 and will end Nov. 30.
Story by Jim Saunders. © 2025 The News Service of Florida.
