Florida Approves Insurance Companies to Take Over More Citizens Policies
In a significant move to stabilize the state's insurance market, Florida has authorized several insurance companies to assume more policies from Citizens Property Insurance Corporation. This decision, announced on March 22, 2025, aims to reduce the number of policies held by Citizens, which has seen its policy count soar to over 850,000.
The Florida Office of Insurance Regulation has approved the transfer of policies to private insurers, including Slide Insurance, Southern Oak Insurance, and Loggerhead Reciprocal Interinsurance Exchange. This strategic shift is intended to alleviate the financial burden on Citizens, which serves as the state's insurer of last resort, and to enhance competition within the insurance sector.
The move comes at a critical time as Florida grapples with rising insurance costs and a volatile hurricane season on the horizon. By transferring policies to private entities, the state hopes to mitigate the risk of Citizens becoming overly burdened, which could lead to increased premiums for policyholders.
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