From ‘Last Resort’ to ‘Many Quotes’: What Changed

Florida’s home-insurance landscape is shifting fast. As Citizens Property Insurance Corp. continues transferring policies to the private market through “depopulation,” a wave of new or newly approved carriers is stepping in—aiming to write business that, until recently, many companies avoided.

 

State regulators say more than a dozen property insurers have entered or re-entered Florida since the 2022 reforms, and approvals keep coming. Recent names include Stand Insurance Exchange and Praxis Reciprocal Exchange, following earlier approvals such as Viceroy Preferred Insurance and Vision Insurance Exchange. Meanwhile, established Florida carriers—like Florida Peninsula, Slide, SafePoint, Southern Oak, and others—continue to participate in depopulation rounds that assume blocks of Citizens policies.

 

Why now? Regulators point to changes intended to reduce litigation costs and stabilize reinsurance, coupled with quieter recent storm seasons for much of the state. That combination has lowered loss pressure just enough for capital to test the waters again. Citizens, which peaked around ~1.4 million policies in 2023, has already fallen well below that level and is on track for further declines as approved “take-out” companies make offers.

 

For homeowners, this can cut both ways. On the plus side, more carriers means more quotes—and in some areas, rates that are similar to or lower than Citizens, sometimes with broader coverage options. It also means fewer Floridians relying on the state’s insurer of last resort, which reduces the assessment risk (the surcharge all policyholders pay when big storm losses hit).

 

On the other hand, not every home will attract the same appetite. Higher-risk properties—older roofs, coastal exposure, prior losses—may still see limited offers or stricter terms. And because depopulation lets private carriers select which policies to assume, outcomes vary neighborhood by neighborhood.

 

If you receive a depopulation letter, the steps are simple: read the offer carefully, compare coverage and deductibles with your agent, and note the response deadline. In many cases, you can choose to stay with Citizens if the private offer exceeds Citizens’ comparable rate by more than the allowed threshold—but you must act before the cutoff date.

 

If you accept a private offer, pay close attention to your first renewal—competition is improving, and you may have options again a year later.

 

Bottom line: Florida’s home-insurance market is still expensive and uneven, but it’s no longer shrinking. With new carriers entering and existing firms expanding, policyholders are more likely to see multiple quotes—especially away from the highest-risk zones. The next 6–12 months will be the real test: if losses remain manageable and reinsurance holds steady, today’s tentative competition could mature into broader availability and, in some areas, flatter renewals