Citizens are ready to raise premiums

Florida’s insurer of last resort has surpassed 1 million policies for the first time since 2013. And, while the private insurance market is still in turmoil, there is no sign of this growth trend. is slowing down.

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

“When the market is healthy, Citizens gets smaller while private companies take advantage of good market conditions,” Citizens spokesman Michael Peltier said. “When the market is in challenging times, we grow.”

Florida Property Insurance:Florida property insurance market gets ‘unprecedented’ boost that could help thousands

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