Citizens

State-backed insurer of last resort

Citizens

State-backed insurer of last resort

Overview

What Citizens Property Insurance Corporation does: It provides property and casualty insurance in Florida as a not-for-profit insurer-of-last-resort for residents and businesses that private insurers deny. How its product works: It offers affordable coverage, especially for windstorm and catastrophic events, to high-risk properties, funded by premiums and state support, with policies designed to supplement the private market and pay claims even after major disasters. How it differs from competitors: It is state-backed and government-created, not-for-profit, operating as a safety net to the private market, focusing on coverage for those denied elsewhere rather than profit. What its goal is: to ensure access to essential property insurance in high-risk areas and maintain financial stability to pay claims in disasters.

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About Citizens

Simplify's Rating

Why Citizens is rated

C+

Rated A on Competitive Edge

Rated D+ on Growth Potential

Rated C on Differentiation

Industries

Government & Public SectorFinancial Services

Company Size

1,001-5,000

Company Stage

N/A

Total Funding

N/A

Headquarters

Tallahassee, Florida

Founded

2002

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Simplify's Take

What believers are saying

Policies fell to 265,387 by September 11, 2026, improving concentration and expense.
Citizens cut 2026 multiperil rates 8.8% after litigation reforms lowered claims costs.
New SB 1028 clearinghouses and surplus-lines takeouts expand private-market exits in 2027.

What critics are saying

OIR said September 2026 Citizens lacks approvals for the commercial clearinghouse program.
A severe hurricane can trigger assessments on every Florida property insurer customer.
If depopulation keeps shrinking, Citizens risks political backlash and mission obsolescence by 2027.

What makes Citizens unique

Florida created Citizens in 2002 as the insurer of last resort.
Citizens uniquely uses state-mandated clearinghouses to depopulate policies into private carriers.
Its 2026 tower combines $2.816 billion reinsurance and cat bonds for hurricane claims.

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Benefits

Relocation Assistance

Company News

EIN Presswire

Sep 21st, 2026

Gabriel 'Gabby' Dieppa appointed to Citizens Property Insurance Corporation Board of Governors.

Gabriel 'Gabby' Dieppa appointed to Citizens Property Insurance Corporation Board of Governors. September 21, 2026, 22:57 GMT Gabriel "Gabby" Dieppa, Managing Partner at Hotaling Insurance Services and newly appointed member of the Citizens Property Insurance Corporation Board of Governors. Hotaling Insurance Services managing partner brings extensive insurance, risk-management and business advisory experience to the statewide board I look forward to bringing the perspective I have gained throughout my career in insurance and risk management to support Citizens' mission and the policyholders it serves." - Gabriel "Gabby" Dieppa MIAMI, FL, UNITED STATES, September 21, 2026 / EINPresswire.com / - Gabriel "Gabby" Dieppa, Managing Partner at Hotaling Insurance Services, has been appointed by now former Florida House Speaker Daniel Perez to serve on the Board of Governors of Citizens Property Insurance Corporation. Dieppa's three-year term became effective July 1, 2026, and continues through June 30, 2029. The appointment brings Dieppa's extensive insurance and risk-management experience to the governing body of Citizens, which plays an important role in Florida's property insurance market. Citizens Property Insurance Corporation was created by the Florida Legislature as a not-for-profit insurer to provide coverage to eligible Florida property owners who are unable to find insurance through the private market. "Florida's insurance market touches homeowners, businesses and communities across the state, and I am honored to have the opportunity to contribute to that work," said Dieppa. "I look forward to working alongside my fellow board members and bringing the perspective I have gained throughout my career in insurance and risk management to support Citizens' mission and the policyholders it serves." Throughout his career, Dieppa has advised business owners, senior executives, families and individuals on complex insurance and risk-management matters. His work has centered on evaluating risk, developing tailored insurance strategies and helping clients navigate an increasingly complex insurance landscape. As Managing Partner of Hotaling Insurance Services' Miami operation, Dieppa is part of the firm's senior leadership team and works with clients across a range of insurance needs. Dieppa's appointment further extends his professional and community leadership. In addition to his work at Hotaling Insurance Services, he has served in leadership roles with the Belen Jesuit Alumni Association and its philanthropic MAGIS Committee. Known for a relationship-driven and highly tailored approach, Dieppa has built his career around helping clients assess complex risks and develop insurance strategies aligned with their individual and business needs. He earned his MBA from the University of Miami and completed his undergraduate studies at the University of Florida. About Hotaling Insurance Services Hotaling Insurance Services is a full-service risk management family office with over two decades of experience providing customized insurance and financial solutions to individuals, business owners, and professionals. With more than 200 employees and offices across the country, the firm has built a national reputation for its client-focused model, deep expertise, and innovative approach. Hotaling's core values are Be a Winner, Be All In, Grit, Grind, & Bind, Do What's Right, and Extreme Ownership. Learn more at HOTALINGINSURANCE.COM. Victoria Verdeja Verdeja & Co. [email protected] Legal Disclaimer: EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above. You just read: September 21, 2026, 22:57 GMT EIN Presswire's priority is author transparency. We do our best to weed out false and misleading content. The content above is the sole responsibility of the author who makes it available. If you have any complaints, kindly contact the author above. Victoria Verdeja Verdeja & Co. [email protected]

Yahoo Finance

May 28th, 2026

Florida insurance market strengthens as 20 new carriers bring $850M amid storm forecast optimism

Florida's property insurance market shows cautious optimism ahead of hurricane season, with industry experts citing a "below-normal" storm forecast and recent legislative reforms. Legislative changes in 2022 and 2023 targeting frivolous lawsuits, combined with a year without major storm hits, have led to premium softening and attracted 20 new insurers with over $850 million in capital. Citizens Property Insurance's policy count dropped from 1.41 million in October 2023 to 336,000. Three new property and casualty insurers recently entered the market: Builder Reciprocal Insurance Exchange, Frontline Insurance Reciprocal Exchange and Wingsail Insurance Co. However, experts warn premiums won't return to pre-surge levels, and Florida's geographic vulnerability means one storm could reverse progress. Industry leaders prefer more nationwide providers for broader diversification.

Miami Today

Mar 11th, 2026

Home insurance costs fall, but experts warn of rebound.

Home insurance costs fall, but experts warn of rebound. A proposal to move more condominium policies out of Citizens Property Insurance, the state-run carrier, is headed to Gov. Ron DeSantis. The House voted 88-19 on Monday to direct Citizens to establish two clearinghouses for commercial residential and non-residential policies by Jan. 1, 2027. One of the new clearinghouses is for authorized insurers to make takeout offers on commercial residential and non-residential policies. The second opens the process for approved surplus lines insurers, which are companies not licensed in Florida but allowed to operate as an "eligible" insurer. Miami Rep. Mike Redondo, the sponsor of the House bill, said keeping policies out of Citizens will strengthen Florida's insurance system and create more options for business and commercial property owners. "All this would do, if they receive an offer of coverage from the surplus lines clearinghouse, it would just prevent them from staying within Citizens," Mr. Redondo said. "They would not be obligated to accept that offer. They could use an agent to go back and shop the market again, whether the admitted market or the surplus lines market." Rep. Allison Tant cautioned against pushing customers out of Citizens and the need for more oversight of surplus lines. But Rep. Jose Alvarez said the change brings Citizens back to being the "insurer of last resort and allows the private sector to actually step in, which, as we know it'll be healthy competition for the market, and healthy competition in the private sector means lower priced insurance." Prior to the House floor session, Minority Leader Fentrice Driskell alluded to a reported push for the clearinghouses by Ryan Turner Specialty, a wholesale brokerage firm. The bill "is being pushed by a billionaire mega donor which would force commercial properties off Citizens Property Insurance, which could raise premiums," Mr. Driskell said during a conference call with reporters. When the bill was before the Senate Appropriations Committee on Agriculture, Environment, and General Government on Feb. 4, Insurance Commissioner Mike Yaworsky expressed concerns about the oversight of surplus lines carriers. "They do not have to disclose what the new premium might be, what new terms of coverage might be and what other provisions might be in place up until the day before the new policy is set to renew," Mr. Yaworsky told the committee. "That could be a significant challenge for a number of consumers that are in this residual marketplace right now." The clearinghouse process has been used by Citizens for a little more than a decade in its efforts to shed policies. The overall policy count has fallen from 1.41 million in October 2023 to 336,000 as of last week. Under the residential clearinghouse, when an offer from a private firm is within 15% of Citizens' premium for a new single-family policy, the policy goes to the private carrier. Mr. Redondo said that in the commercial lines clearinghouses, the offer from outside Citizens would have to be "equal or better." To participate in the clearinghouse, surplus lines insurers would have to have at least five years of publicly available audited financial statements, be rated "A minus" or higher in terms of financial strength and at least an "A-VII" rating from A.M. Best Company. Last week, the Citizens Board of Governors proposed new rates for 2026 that in part cut rates an average of 8.8% for the most common type of Citizens policy, known as homeowners' multi-peril coverage. For homeowners with wind-only policies, the rate reduction carries an average reduction of 5.5%.

The Florida Times-Union

Mar 7th, 2025

Citizens Property Insurance says it will move from downtown Jacksonville to suburbs

Citizens Property Insurance Corp. will relocate its Jacksonville office from downtown to the Southside in 2026.

Florida Insurance Claim Appraisal

Dec 14th, 2024

Citizens Property Insurance Corp of Florida's New ADR Scheme - Don't Fall For It!

Citizens Property Insurance Corporation has introduced a new endorsement called Alternative Dispute Resolution (ADR) of Administrative Hearings.

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