The state’s Citizens Property Insurance Corp. added more than 600 policies last week as it continues to slowly grow. Citizens had 783,344 policies on Friday, up from 782,728 policies a week earlier and 781,467 policies two weeks earlier, according to data posted on its website.
The policy count has gradually increased in recent weeks amid a pause in a “depopulation” program aimed at shifting customers into the private market. The pause is linked to hurricane season, with the depopulation effort expected to pick up again this fall. Citizens had 820,882 policies in June before a depopulation round.
Citizens, which was created as an insurer of last resort, became Florida’s largest property insurer in recent years because of problems in the private market. State leaders have long sought to hold down the number of policies in Citizens, at least in part because of risks if Florida gets hit by a major hurricane or multiple hurricanes.
Citizens Property Insurance Adds More Policies added by The News Service of Florida on
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Someone needs to do an in-depth story about the victims of our local ambulance chasing attorneys. Innocent people are being sued just because the slimy lawyers know the insurance company will settle the case because it’s cheaper than going to court.
In the end we are paying higher insurance rates to offset lawsuits.