Citizens are preparing to increase premiums

Florida’s insurer of last resort surpassed 1 million policies for the first time since 2013. And with the state of the private insurance market still in turmoil, there’s no sign that this upward trend is slowing down.

Citizens Property Insurance Corp. reached the milestone earlier this month and as of August 12 stood at 1,005,000 policies. The state-backed government entity was created two decades ago by Florida Legislation to provide coverage to property owners who cannot find insurance on the private market.

“When the market is healthy, Citizens gets smaller as private companies take advantage of good market conditions,” said Citizens spokesman Michael Peltier. “When the market is in challenging times, we grow.”

Florida Property Insurance:Florida property insurance market gets ‘unprecedented’ boost that could help thousands

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