Citizens had 1.325 million policies as of Friday, down from 1.412 million policies two weeks earlier, according to Citizens data as part of a state effort, known as “depopulation,” to shift homeowners into the private market.
Hundreds of thousands of Citizens Property Insurance Corporation policyholders will soon get letters in the mail informing them private insurance companies are looking to take over their policies.
The Florida Office of Insurance Regulation (OIR) recently questioned if a 12% rate increase was justified and told Citizens to report back with a smaller rate hike in 30 days.