Florida OIR Approves Four More HO Rate Cuts as Citizens Keeps Shrinking

What happened

Notify me of comments via e-mail More News FBI Investigating Hackers’ Claims of Stealing Employee Data Florida Farm Manager the Latest to Plead Guilty in Crop Insurance Fraud Probe Markets/Coverages: Munich Re Specialty Launches in Italy’s Primary Specialty Market Texas Rangers Pursuing Criminal Investigation Against Camp Mystic More News Features . Citizens, designed in part to be the state’s property insurer of last resort, has seen its total policy count drop from a high of 1.4 million policies in 2023, near the peak of the insurance crisis, to 266,231 in August of this year as new and existing primary market carriers have taken on more coverage and takeout offers continue. Because of those statutory changes, which ended one-way attorney fees and assignment-of-benefits agreements, the total insured value for Citizens’ coverage has dropped from $553 billion in 2023 to an expected $85 billion this year, Citizens’ data show.

Key details

• Citizens, designed in part to be the state’s property insurer of last resort, has seen its total policy count drop from a high of 1.4 million policies in 2023, near the peak of the insurance crisis, to 266,231 in August of this year as new and existing primary market carriers have taken on more coverage and takeout offers continue.
• Because of those statutory changes, which ended one-way attorney fees and assignment-of-benefits agreements, the total insured value for Citizens’ coverage has dropped from $553 billion in 2023 to an expected $85 billion this year, Citizens’ data show.
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Why it matters to restoration

This belongs on an operator’s radar because insurance behavior sets the rules for documentation, scope disputes, cash flow and customer expectations. If the article points to a carrier, court or coverage trend, the practical question is what proof your next file needs before the argument starts.

What to check next

Check whether your estimates, photos, notes and customer updates would survive the same dispute described in the article.

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