Hundreds of thousands of policyholders with Florida's last-resort insurer have a chance to return to the private market after an approval from regulators for 10 private carriers to assume policies.
Citizens Property Insurance Corp. says nearly 400,000 of its policyholders will receive letters from private companies, telling these homeowners they have been selected. Each homeowner has the option to remain with Citizens but the state-run insurer is hoping the policies find a home in the private market.
Citizens, which is meant to be the state's last resort insurer, has grown to become its largest writer of property insurance. Mandated rate freezes made Citizens a cheap option for homeowners and the insurer competed with the private market. But that has been slowly been changing since laws to allow Citizens to increase rates to better match the risk have been passed.
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