BOCA RATON, Fla. — Take-out letters from Citizens Insurance are seemingly everywhere in Florida, and they're not welcome news.
One of those letters arrived at Carlos Nunez's home earlier this week.
"(The letter said) you need to go to Monarch (Insurance) because that's the option they selected that is less than 20%," Nunez said.
The offer to go to a private insurer now means Nunez's premium is rising from about $6,900 to more than $8,200 per year.

"We are not affluent, we live in Boca (Raton), but we're not that," he said. "It's not fair for the consumer. It feels like ... extortion. You don't have a choice."
Citizens Insurance has been able to lower their policy numbers by more than 325,000 in the last several months and get their total policy numbers below one million.
"We're going to end 2024 with a big take out, I believe," Citizens Insurance CEO Tim Cerio predicted in late 2024.
Cerio has said Citizens' rates are still below the norm for their industry and its large property exposure has put all Florida residents on the hook financially in the event of a catastrophic storm.
"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.

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