Citizens Property Insurance

Company Trusted For Over 25+ Years*

citizens property insurance

Citizens Property Insurance serves as a non-profit, tax-exempt government enterprise that acts as an insurance provider option for Florida’s residents. Depending on where you live, finding reasonably priced citizens property insurance can be all but impossible – especially if you are in a federally designated flood zone like many areas of Florida.

The cost of providing effective coverage to protect you and your family continues rising throughout the state. Citizens Insurance can help millions of families that have no citizens property coverage. With the recent hard economic times (Covid19), a rising number of people are being rejected by most insurance companies. This is where Citizens Property Insurance coverage can help you when others can’t. To get a free quote, just enter your zip code, fill out a free quote. Start saving on your property today!  

Get The Best Rates on Citizens Property Insurance

Shopping online is an effective way to reduce insurance costs. If you’re looking to save the most on Citizens property insurance, obtaining multiple quotes from state-licensed. An approved insurance company is a good place to start. Comparing various coverage levels and costs helps consumers make informed decisions and get the best value possible.

Using this website will take just a few moments. This is a free, secure quote tool that can save you hundreds of dollars and even more. Your property is your castle so protect it with Citizen’s coverage and have peace of mind.  

One of the most difficult areas in all of the United States to Insure is the Gulf Coast Region-Florida. This is due to the natural geographic layout of the state. On the east side of Florida lies the Atlantic Ocean and on the westside the Gulf of Mexico. Residents and homeowners are exposed to hurricanes, storms, than any other area in the country.

Combining Policies Can Save You Big Money

To offset the general trend of rising insurance costs, consumers can save significant amounts of money. They can be grouping their various policies to maximize their potential discount. If you own a house, nearly all property and casualty Insurance companies will offer significant discounts when you insure your house and vehicles with them. 

Citizens Property insurance can also help you compare free quotes in different areas within the US. In Florida, it will allow you to get free citizens property insurance and automobile quotes together. Many customers can save 15% by bundling home and auto insurance coverage with Citizens.  

Florida suffers not only from the hurricanes but other natural disasters than you need to consider when buying coverage. If you live in Florida can help you get that good coverage in only a few moments’ time and without leaving the comfort of your home or office. You can even use your smartphone to get a Citizens Florida quote in about five minutes.

Increasing Rates for Sinkhole

Citizens Property Insurance could be increasing the sinkhole coverage rates. The board that oversees the agency voted in favor of the hike. If approved by the Florida Office of Insurance Regulation, premiums would jump by an average of more than 400% and other insurers will likely follow suit. If this is ever accepted, almost every policyholder in Florida is going to have to deal with dramatically higher costs when Citizens runs a deficit.

Some of the same people at the legislature who proclaim private insurers as irresponsible, and praise them as the insurance company defending the right of the people, are right now actively making sure it is starved of the premiums necessary to support its promises to its policyholders. It is absolutely inexplicable behavior. They should approach the elements of increasing costs, such as claims settlement laws.

2017 Hurricane Season

In the 2017 hurricane season, 16 tropical storms affected the Florida region, which to date is the highest ever recorded. The sheer volume of these powerful storms caused billions of dollars in property damage. Consequently, major insurance providers including Citizens took on substantial losses.

After 2017, many insurance companies that serviced the Florida area either went bankrupt of pulled out of the market. Altogether for fear of further financial exposure and losses. This massive exodus was unparalleled in the insurance business. And left Floridians with no home and property insurance company to provide insurance coverage.

Citizens Property Insurance Offer Subsidized Coverage In Florida

To offset this massive pullout, Citizens Property Insurance Corporation began to offer subsidized coverage in Florida on a large scale to homeowners who otherwise could not obtain any insurance. Just 2 years prior to the record-setting hurricane season of 2019, the nonprofit entity was set-up.

However, no-one could have predicted the forthcoming environmental and financial storms that were to come in the proceeding years. Citizens of Florida was only created to be an insurer of last resort and to function solely as a safety net to residents who could not qualify for coverage due to a high-risk area or other circumstances.

The non-profit corporation was not set-up to be the sole insurance provider in the state and to fill the unexpected gap created after dozens of insurers left the area. To make matters worse, the state-funded corporation relied heavily on Florida’s tax revenue. After the recession took hold, the state’s revenue and ability to fund the growing insurer became uncertain.

Catastrophic Storm

In the best of times, the insurer could not handle millions of policies in the event of a catastrophic storm. In the deep recession, the only way to save the corporation from certain insolvency was to hope and pray for several mild hurricane seasons.

Thankfully, in the last few years, there have only been a few weak storms that have hit Florida and only caused minor financial losses. Also, perhaps as a result of the milder weather, several insurers have begun to service the region again. This has reduced some of the burdens off of Citizens Insurance of Florida.

In a move to mitigate potential losses and encourage Florida residents to obtain insurance from private companies, Citizens has sent inspectors throughout the state to assess hundreds of thousands of properties and make policy change recommendations.

Premiums Increased Substantially

In many cases, the premiums increase substantially, and as expected proprietors have not been pleased. In fact, some of them who have never filed a claim and have never even been affected by a tropical storm or hurricane has seen their premiums nearly double. The program instituted by Citizens property insurance of Florida officials has two main purposes.

The first objective is to strengthen the financial health of the non-profit, so in the event, there is a natural disaster on a large scale there is money for claims. The second is to encourage customers to seek insurance coverage by private companies. The overall goal is to eliminate nearly 700,000 Citizens policyholders by either dropping their coverage or raising their rates to the point they are forced into obtaining insurance through other private insurers.

Competition Drive Down Premiums

So far it seems they have been highly successful in raising not only premiums but the tempers of many Floridians. As more and more private insurance companies enter back in the Florida market. Hopefully, the competition will drive down premiums. Residents will once again have a choice about who their insurance provider will be and how much their insurance premium will cost.

A similar government non-profit insurer was set-up in another nearby gulf region called the Louisiana Citizens Corporation. This sister entity has the same mission of helping those homeowners obtain residential and commercial coverage who are qualified but cannot find insurance in the marketplace. Both Citizens Property Insurance of Florida have bylaws that allow officers to levy assessments, raise premiums, cancel policies, and enact a broad range of policy changes. 

Hurricane Irma Left the West Region of Florida All But Paralyzed

Like Florida, many insurers either went under or paid out claims and left the region. Citizens of Naples has picked up the slack and insured thousands of residential and commercial properties that otherwise would surely go uninsured. The non-profit also plans to de-populate the policyholders as more insurers enter the market again. However, to date, they have not initiated any aggressive plans that have raised premiums and assessed other limitations that the Florida corporation has.

Another company in a totally different region up in the Midwest is the Citizens of Michigan. They are located in Howell, MI. The company has been providing personal and commercial insurance to residents for decades. Founded on integrity and loyalty, Citizens Insurance of Midwest has grown by delivering good old-fashioned customer service with some of the lowest prices on quality coverage in Michigan.

Conclusions

Although sometimes confused by its neighbor to the south, Citizens property insurance is not a branch of the non-profits in Florida. The company sells its product lines through a network of select insurance agents and also online. Get a quote today and see how much you can save. 

The quote process only takes about 5 minutes and the average savings are about 40%. Start now by entering your zip code. Saving money with Citizens property insurance has never been so easy.