Citizens Insurance has moved more policyholders off its books, and within the last week has lowered its policy numbers by more than 200,000.
On Oct. 25, Citizens reported 1,035,534 policies. Just a week earlier on Oct. 18, they reported 1,271,907 polices.
“We’re going to end 2024 with a big takeout, I believe,” Citizens CEO Tim Cerio said a couple of weeks ago in Clearwater.
He is referring to the takeout offers that allow private insurers to take over Citizens policies.
The takeouts are automatic if the offer is 20% or less than the current Citizens premium. If it’s more, homeowners then have the option to refuse.
“We didn’t even know this was happening,” Emily Redey of West Palm Beach said about the letter, which said her homeowners insurance was switching to Monarch Insurance. “I don’t know what else to do. I don’t where to go. We’re struggling financially.”
Citizens is trying to lower its numbers to reduce its exposure and the possibility of having all Floridians bail out the insurer.
“If you’re in Citizens, chances are you are not paying a rate that is actuarily sound rate,” Cerio said. “As the insurer of last resort, we are not supposed to compete with the private market, and that’s exactly what we’re doing.”
Matt Sczesny is determined every day to help you find solutions in Florida’s coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
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