Florida’s largest insurance company state-run Citizens Insurance is getting rid of tens of thousands of policies.
It’s supposed to be the insurer of last resort, but they’ve picked up more than a million policies consisting of people who typically can’t get insurance elsewhere.
Citizen’s insurance has swelled to 1.3 million customers and was never intended to hold that many policies.
Slide Insurance has agreed to step in and take 25,000 of those policies. Loggerhead will take 1,000 policies.
While it could end up costing policyholders more, even Governor Ron DeSantis has said it’s necessary.
DeSantis said in March during a trip to Fort Myers that Citizens has not been solvent.
“If you did have a major, major hurricane hit with a lot of Citizens property holders it would not have enough to pay out,” DeSantis stated.