"Policyholders urged to switch insurance providers, receive letters in the mail"
Citizens Property Insurance policyholders in Florida are receiving letters urging them to switch to private insurance companies as part of the state-backed insurer's effort to reduce its policy count. The switch affects 300,000 policies out of the current 1.4 million. Policyholders are advised to contact their agents to explore options and avoid potential surprises. If the offer from a private insurer is within 20% of Citizens' rates, policyholders will no longer be eligible for coverage with Citizens. Some policyholders have reported significant premium increases, while industry experts suggest that positive changes in the market may lead to lower rates next year. Customers have until October 5 to respond to the offer letter.
