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In Florida’s evolving insurance landscape, the state has been actively working to transition customers from Citizens, the state-backed insurer, to private insurance companies. This move, however, comes with its own set of challenges. Citizens, known for its lower premiums, often appears more attractive to policyholders, making them hesitant to switch.
To facilitate this shift, a significant legislative change was introduced last December. Now, if a private insurer offers a policy within 20% of Citizens’ premiums, the customer must accept it. This initiative aims to encourage the movement of policyholders to private insurers, known as ‘depopulation.’
Despite these efforts, many Citizens customers found themselves receiving offers with rate hikes exceeding this 20% threshold. In response, the state has implemented regulations to cap rate increases at 40% for those moving from Citizens to private insurers.
These developments in Florida’s insurance market are pivotal. They reflect the ongoing efforts to find a middle ground between making insurance affordable and managing risk effectively. As we navigate these changes, I am here to offer guidance and support for all your insurance and real estate concerns. Feel free to reach out with any questions or for assistance.
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