Citizens tops 1.1 million policies, rate increase takes effect
As another sign of its explosive growth, the state-backed
Citizens, which was created as an insurer of last resort, has seen massive growth during the past two years as private insurers have dropped policies, and in some cases gone insolvent, amid financial losses. As a comparison, Citizens had 521,289 policies on
Citizens rate increases took effect
The increases, which apply to what are known as "personal lines" policies, were approved by the
Customers with other types of policies will see average increases ranging from 8.4% to 11%. Citizens initially asked for larger rate increases, but the
The insurance regulation office also announced that estimated insured losses from Hurricane Ian neared
The data also showed that 607,552 insurance claims had been reported, with 422,108 involving residential property. As a comparison, the office reported a week earlier that estimated insured losses were
The Category 4 hurricane made landfall
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