Citizens premiums skyrocketing as it aims to shrink its number of customers

Florida Insurance

In an effort to reduce its number of policyholders by over 675,000, Citizens Property Insurance is sending its rates skywards. In an effort to take up to 678,000 policyholders out of its state-run coverage program and resume its position as a last resort carrier, Citizens Property Insurance has been rapidly raising its Florida homeowners insurance rates while decreasing the coverage it provides. Citizens is justifying its dramatic “depopulation” strategy by saying it will prevent financial ruin in the state. The insurer used its revised budget proposal to unveil both the…

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