Florida Residents ‘Stuck’ as State’s Largest Insurer Cuts Policies [Video]

Florida homeowners have told Newsweek they are being “ripped off” and put into financial difficulty as the state’s largest home insurance provider moves to cut the number of its policies.

Earlier this year, regulators in the Sunshine State approved proposals allowing private insurers to take policies from Citizens Property Insurance Corporation as the number of policies has soared in recent years. Citizens, created by the Florida Legislature in 2002, provides insurance to eligible Florida property owners who cannot find insurance coverage in the private market.

“Citizens is committed to helping its policyholders find coverage in the private market,” its website reads. “As required by Florida law, Citizens’ Depopulation Program matches Citizens policyholders with insurance companies interested in removing their policy from Citizens and providing private-market coverage for their policy.”

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Despite being the insurer of last resort in the Sunshine State, the number of Citizens policies has ballooned in …