Citizens Property Insurance to shed policies in December
Florida regulators have approved proposals by private insurers to take more than 300,000 policies in December from Citizens.
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Florida regulators have approved proposals by private insurers to take more than 300,000 policies in December from Citizens.
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Florida's Citizens Property Insurance Corp. could have fewer than 900,000 policies at the end of the year.
Home insurance premiums have at times risen 40% faster than inflation. Extreme weather events are likely to make the expense worse.
Florida regulators dug into a proposal that would lead to double-digit rate increases for customers of Citizens Insurance.
The number of Citizens policies soared in recent years as private insurers dropped customers and raised rates because of financial problems.
Skyrocketing property insurance costs are pushing some Florida residents to drop their coverage altogether.
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It's good news for homeowners with coverage with Florida Peninsula Insurance Co.
Private insurers pulled more than 275,000 policies last year from the state's Citizens Property Insurance Corp. and have taken nearly 115,000 this year, with Citizens President and CEO Tim Cerio saying Wednesday he thinks "we're coming through to the other side" after years of troubles in the market.
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