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:
-
9 ways shoppers are changing their grocery habits to save money
Years of grocery inflation have led many shoppers to change their shopping habits, from meal ingredients to brands.
TAX TALK: How would sales tax cut impact state budget?
The proposal from the Florida House Speaker to cut the state sales tax seems to be gaining fast support.
How Palm Beach County is protecting affordable housing units on future inventory
Affordable housing has been a big focus in Palm Beach County that WPTV has been digging into for months working to get answers.
Why chasing credit card rewards may not be worth it
More credit card holders are showing interest in gaining rewards from the cards even as interest rates remain high, according to a study from Bankrate.com.
