About 400,000 customers of Citizens Property Insurance Corporation will soon be asked to move their policies into the private market. Ten insurance companies have gotten approval from Florida regulators to take over the policies.
Citizens is the state-run insurer. That means taxpayers would help cover the damage left by catastrophic events, like category 5 hurricanes. The state is trying to cut down on Citizens' exposure to those kind of losses. The company insures property in high risk areas that no private carriers wanted to cover – until now.