Citizens Property Insurance was designed as Florida’s insurer of last resort — a safety net for homeowners who can’t find coverage in the private market. But with over a million policies on its books at its peak, Citizens became much more than a backstop. If you’re one of the homeowners still on Citizens, the private market has expanded dramatically and may now offer you better coverage at a competitive price.

Why the Private Market Has Changed

Florida’s private insurance market has been through turbulent years, but it’s stabilizing. Legislative reforms in 2022 and 2023 addressed some of the litigation and fraud issues that were driving carriers out of the state. New carriers have entered the market, existing carriers are expanding their appetites, and reinsurance costs have moderated from their 2023 peaks.

The result is more competition and more options for Florida homeowners. Properties that couldn’t find private coverage two or three years ago may now have multiple carriers competing for the business — especially homes with updated roofs, wind mitigation features, and clean claims history.

How Citizens Compares to Private Carriers

Citizens policies provide solid baseline coverage, but they have limitations. Citizens doesn’t offer some of the coverage enhancements that private carriers include, such as extended replacement cost, equipment breakdown, or identity fraud coverage. Citizens also has coverage caps — the maximum insurable value for a dwelling is $700,000 for standard policies (higher in some areas with board approval).

Private carriers often offer broader coverage, flexible deductible options, and multi-policy discounts that Citizens doesn’t provide. For homeowners with high-value properties that exceed Citizens’ caps, the private market is the only option for full protection.

The Financial Risk of Staying on Citizens

Citizens has the ability to levy assessments on all Florida property insurance policyholders — not just Citizens policyholders — if it runs a deficit after a catastrophic storm season. This means a major hurricane could trigger a surcharge on every Florida insurance policy to cover Citizens’ losses. The larger Citizens’ book of business, the larger the potential assessment exposure for all Floridians.

By moving to the private market, you reduce your individual exposure to Citizens’ assessment risk and contribute to the overall health of Florida’s insurance market.

How to Explore Your Options

The process is straightforward. Contact an independent agency like Nymble that represents multiple private carriers. We’ll compare your current Citizens policy against the best private market options available for your specific property, location, and coverage needs. If the private market offers a better deal, we’ll handle the transition. If Citizens is still your best option, we’ll tell you that too.

You don’t have to wait for a depopulation letter. You can shop the private market at any time, and switching is seamless when coordinated by your agent. Get a private market comparison from Nymble →