Citizens Property Insurance Corporation has moved approximately 350,000 Florida homeowners to private insurance companies as part of its ongoing policy reduction efforts or depopulation program.

The state-backed insurer has dramatically decreased its policy count from 1.4 million policies a couple of years ago to 482,570, reducing financial exposure for both Citizens and Florida residents who back the state insurer.

Lake Worth Beach homeowner Ramsay MacLeod received her takeout notice in April informing her that her policy was being transferred to Slide Insurance. While the transition is capped at no more than a 20% increase over her current Citizens premium, MacLeod said the financial impact is substantial.

MacLeod, who lives on a fixed income, said she must pay nearly $4,000 by February to maintain coverage—a significant burden for her household budget.

The policy transfers are part of Citizens’ efforts to reduce its exposure as the state’s insurer of last resort and shift homeowners back to the private insurance market.

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(Image credit: Insurance Insider)

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