Citizens prepares to increase premiums

Florida’s insurer of last resort has surpassed one million policies for the first time since 2013. And with the state of the private insurance market still in disarray, there’s no sign that this upward trend is slowing down

Citizens Property Insurance Corp. it reached the milestone earlier this month, and as of August 12, stands at 1,005,000 policies. The state-backed government entity was established two decades ago by Florida Legislature to provide coverage to homeowners who cannot find insurance on the private market.

“When the market is healthy, Citizens shrinks as private companies take advantage of good market conditions,” said Citizens spokesman Michael Peltier. “When the market is in difficult times, we grow.”

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