Florida’s Citizens Property Insurance sees large customer decrease

ORLANDO, Fla. — Fewer Florida homeowners have policies through the state’s insurer of last resort.


Citizens Property Insurance recorded a nearly 13,000 customer decrease last week.

It comes after three private insurers assumed some of the corporation’s policies.

Read: Florida homeowners with Citizens insurance to see double-digit rate hike

Citizens became Florida’s largest carrier in recent years as private companies dropped policies and raised rates.

The change comes as several homeowners insurance companies are reducing rates in Florida.

Read: Property insurance: Could homeowners soon see some relief?

The state’s Office of Insurance Regulation reports that 19 insurance companies are seeking a rate decrease or no increase this year.

However, experts say this does not mean you may pay less because inflation can add 3% to 8% percent to your premium.

Read: This property insurance company wants to raise premiums by 53% in Florida

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