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Lexington Insurance Company announced that they will discontinue home insurance, sending another 8,000 property owners to search for a new insurer. Lexington specialized in homes worth $1+ million and Citizens will only insure property values less than $700,000, so Citizens was not an option.
A report from Weiss Ratings, a Palm Beach Gardens ratings agency, found that the state-backed insurer of last resort closed homeowner claims without a payment 50.4% of the time in 2023.
In 2019, Citizens Insurance, the state-created and taxpayer-backed insurance company of last resort, ordered 2,200 home inspections. By the end of 2023, the company estimates that it will have ...
With private insurers dropping customers and raising rates, the state-backed Citizens Property Insurance Corp. saw its number of policies increase about 50% in 2022.
The property and casualty insurance company was approved to begin writing insurance in the state on Sept. 1 but won’t begin until after the 2023 Atlantic hurricane season ends on Nov. 30.
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related to: citizens property insurance company rating