TALLAHASSEE, Fla. — The number of policies in the state’s Citizens Property Insurance Corp. continued to slowly increase last week.
Citizens had 851,210 policies as of Friday, up from 849,072 a week earlier and 847,571 two weeks earlier, according to data on the Citizens website.
The slow increase has come after a major drop from 945,005 policies last month.
The drop coincided with eight private insurers being able to assume Citizens policies under what is known as a “depopulation” program.
Under that program, private insurers seek approval to take certain numbers of Citizens policies.
Citizens was created as an insurer of last resort but reached as many as 1.4 million policies in 2023, as private carriers dropped customers and raised rates amid financial problems.
The total has dropped because of numerous depopulation rounds and improved conditions in the private market, according to insurance officials.
Another depopulation round is scheduled late this month.
State leaders have long sought to hold down the size of Citizens, at least in part because of financial risks from hurricanes.
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