More Citizens Property Insurance Customers Shift to Private Insurers

(Tallahassee, Fla) - More policies are shifting from Citizens Property Insurance to private companies in Florida.

In an effort to solve the property insurance crisis, Citizens Property Insurance began a depopulation program and it's working, according to the company's chief operating officer Kelly Booten.

For the second month in a row, private insurers have taken more than 90,000 policies from Citizens leaving the state's insurer of last resort with 16% of the market with a further decline next year.

"This is an encouraging sign that the market is improving," added Booten.

Citizens often charges lower premiums than private insurers, reducing the incentive for customers to leave.

Booten says in some cases customers can return to Citizens after they leave.