600K Florida Property Insurance Policies Are Being Transferred to Private Insurers

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Florida’s State-backed Citizens Property Insurance Corporation is transferring 648,843 policies to private insurance companies, according to Newsweek. Established in 2002 to provide windstorm and property insurance to Florida homeowners unable to secure coverage on the private market, Citizens is now shifting a significant portion of its active policies.

The transfer process began in early August when 413,808 policies were approved for transfer to 10 private insurers. In the past two weeks, an additional 235,035 policies were moved, bringing the total to 648,843, the report states.

However, the implications for policyholders remain unclear, as do the requirements these private insurers must meet to take on such a swath of policies.