Florida Homeowners See Mixed Results as Citizens Insurance Transfers Policies to Private Market

Citizens Property Insurance is reducing premiums for some customers as they transfer policies to private insurers.

6 more private insurers were just approved to take over 153,000 policies from Citizens. This is part of an effort to shift policies away from state-backed Citizens.

More competition between insurers is leading to lower rates for some Florida homeowners. Customers should look for offer letters from private insurers.

Some customers are seeing big savings from switching while others face rate hikes. Reactions are mixed on the changes.

If a private insurer quotes over 20% more than Citizens, customers can reject the offer. Under 20% higher requires switching away from Citizens.