I wanted to bring to your attention some critical changes happening in Florida's homeowners insurance landscape that could affect you.
Citizens Property Insurance Corporation, a state-run insurance company, has initiated a "depopulation program" aimed at reducing its number of policyholders. More than 300,000 homeowners have received an offer letter from private insurance companies as part of this initiative. The deadline to respond to these offers has been extended to October 10th due to a vendor's mailing delay.
Here's what you need to know:
Some homeowners have reported a significant increase in their insurance rates—up to 61% in some cases—when switching from Citizens to a private insurer.
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