Citizens Property Insurance Corporation
Citizens Property Insurance Corporation is the state government virtual monopoly on Florida homeowners insurance which has resulted in high house insurance quotes and condo insurance quotes and premiums which seem to be the order of the day.
It is an unintended monopoly, but since prevailing wisdom is that the majority of the other property insurance companies have pulled out of the Florida property insurance market, many Floridians are finding that Citizens Insurance Company is not the Florida home insurer of last resort, but of only resort and that any insurance quote that they get is going to be from Citizens Insurance no matter who the broker.
About Citizens Insurance
Citizens Insurance is the popular name of the Citizens Property Insurance Corporation, that was created to provide an insurer of last resort for homeowners who could not obtain insurance elsewhere.
From the Citizens Insurance web site it says "In 2002, the Florida Legislature passed a law that combined the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA) and the Florida Windstorm Underwriting Association (FWUA). This resulted in the creation of Citizens Property Insurance Corporation, which more efficiently and effectively provides insurance to, and serves the needs of, homeowners in high-risk areas and others who cannot find coverage in the open, private insurance market."
To protect and encourage existing homeowner's insurance companies, Citizens is not permitted to charge less for a premium than those top 20 insurance companies in the state. Smaller companies can and are charging more than Citizens. So whenever some insurance company applies for an increase in its rates then Citizens premiums must also follow those charges up if the state approves the application.
It is Citizens homeowner's insurance which has raised most of the ire in Florida, especially from groups such as Homeowners Against Citizens and Citizens Against Citizens.
Citizens Insurance is currently the largest Florida homeowner's insurance company.