TALLAHASSEE, Fla. – The number of policies in the state’s Citizens Property Insurance Corp. increased slightly last week, after a drop the previous week.
Citizens had 841,913 policies on Friday, up from 840,222 policies a week earlier, but down from 853,009 two weeks earlier, according to data posted on its website.
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The drop came as three private insurers had been approved to assume policies from Citizens as part of what is known as a “depopulation” program.
That program is aimed at moving policies into the private insurance market.
Citizens, which was created as an insurer of last resort, ballooned in recent years to become the state’s largest insurer amid financial problems in the private industry.
Citizens reached as many as 1.4 million policies in 2023, but several rounds of the depopulation process and other changes in the market have helped shrink it.
State leaders have long sought to hold down the number of policies in Citizens, at least in part because homeowners throughout the state — including possibly non-Citizens policyholders — could get hit with extra charges, known as assessments, if Citizens didn’t have enough money to pay claims after a storm.
