WEST PALM BEACH, Fla. — 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."
Real Estate News
'I'm in my room crying': Homeowners feel pressure over insurance rate hikes
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.
Read WPTV's latest "Coverage Collapse" stories below:
-
Home flipper warning, after family's dream home turns into a nightmare
A family bought a freshly flipped home with a shiny new kitchen and bathrooms, but quickly discovered their dream home was really a nightmare in disguise. What to know before you buy.
Study says you have to work this many days to afford deposit on a Florida home
Have you ever wondered how many days you'd have to work in Florida just to save a down payment for a home? A new report by Leave the Key sheds some light on the question.
US inflation steady at 2.4% amid tariff concerns, BLS reports
As inflation holds steady, many economists anticipate potential price hikes in consumer goods in the months ahead as tariffs take effect.
Many families rethinking their spending on subscriptions
Americans are spending more and more money on monthly subscriptions, from Netflix and Hulu to services like DoorDash and meal delivery plans. But CNET has found some easy ways to cut those costs.
