FLORIDA — Citizens Property Insurance, Florida’s insurer of last resort, is reporting a record-low number of policies.
Citizens now covers about 217,000 policies, less than 16% of the roughly 1.4 million policies it covered in 2023.
State leaders previously warned that having too many policies with Citizens could create financial risks following a major natural disaster, potentially leaving taxpayers responsible for additional costs.
Officials now say that risk has decreased as the number of Citizens policies continues to fall.
Florida’s insurance commissioner expects even more policyholders to leave Citizens in the coming months.
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