As most Florida homeowners know, Citizens Property Insurance is the state-run insurer. As a Florida Insurance company, I’ve heard many differing opinions about Citizens Property Insurance. Some Florida Homeowner clients of mine have told me they want to be insured with Citizens because they believe them to be financially stable. I’ve also heard Florida Homeowners state that they would rather “not have insurance at all” than to be insured with Citizens.
To help everyone out as a Florida Insurance Company, I’d like to go over some facts about Citizens:
- They are the largest insurer in the state of Florida with over 1.2 million policies in force.
- They insure many homes that would not otherwise be insurable with other companies. This gave Citizens the moniker “The insurer of last resort.”
- Citizens is trying to depopulate, or trim, its existing book of business because there are many homes insured through them that could be insured in the open market. This will help limit Citizens exposure.
It has also been my experience over the past few years that Citizens has had stable rates when compared to many other Florida Home Insurance companies. I have seen rates with other Florida Home Insurers rise almost 40% over the course of one year. So, for those of you with Citizens because you cannot find insurance in the open market, there is no need for fear. Citizens has enough money in its coffers to take care of you in the event of a major catastrophe. And for those of you with Citizens because you want to be: Please Find insurance elsewhere. Citizens was once, and is no trying to become again, the insurer of last resort. Citizens will try to move your policy to another carrier as they see fit. This will make Citizens more stable for those who actually need it and you will find a rate that is most likely less expensive and that has more coverage.
Feel free to contact Focus Insurance Group if you would like continue to discuss this matter with a Florida Insurance Company.