Citizens Property Insurance Corporation

What Citizens Property Insurance Corporation does

Citizens Property Insurance Corporation is a Florida state-created, not-for-profit alternative insurer established by the Florida Legislature in 2002 to function as the property insurer of last resort for owners unable to obtain coverage in the private market. The entity operates exclusively within Florida, distributing personal lines (homeowners, modified homeowners, dwelling fire, condominium, mobile home, tenant/renters contents) and commercial lines (commercial residential and nonresidential) policies through a network of approximately 4,500 appointed independent agencies and their licensed agents. Policyholder self-service is delivered via the myPolicy online portal, and risk underwriting is supported by Wind Mitigation and Sinkhole Inspection programs, the Clearinghouse (which compares private-market offers before Citizens coverage is bound), and the Florida Market Assistance Plan (FMAP).

Citizens generates revenue from insurance premiums, with rates subject to Florida Office of Insurance Regulation approval; 2026 rates were filed at an average 8.8% reduction, with South Florida reductions exceeding 11%. Where Citizens exhausts its own resources following a major catastrophe, it may levy emergency assessments on Florida policyholders (potentially up to 15% of premium for Citizens policyholders) over multiple years to fund deficit recovery. The company runs a $2.82 billion catastrophe program for 2026, combining $691 million of traditional reinsurance with $2.125 billion of catastrophe bond protection via vehicles such as Everglades Re II Ltd., with capital markets representing approximately 88% of the risk transfer tower at pricing 20-30% below 2025 levels.

Citizens is governed by a state mandate to shrink as the private market recovers: through its Depopulation program, policies are regularly assumed by approved private carriers (Slide Insurance, HCI Group, Florida Peninsula, Mangrove, Patriot Select, and others). Policy count declined from approximately 1.4 million in late 2023 to roughly 278,662 by June 2026, a roughly 75% reduction. Citizens retains approximately 2% of the Florida market and is led by President, CEO and Executive Director Timothy M. Cerio, with headquarters in Jacksonville, Florida.

Name

Citizens Property Insurance Corporation

Legal name

Citizens Property Insurance Corporation of Florida

Website

https://citizensfla.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Citizens Property Insurance Corporation is Florida's state-created, not-for-profit insurer of last resort, providing personal and commercial property coverage to owners unable to obtain it in the private market, distributed through ~4,500 independent agencies.

Ownership category

akta.pro rank

Product category

Property & Casualty Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331)

akta.pro primary industry

Homeowners Insurance (FSAJACAA)

akta.pro secondary industries

Renters Insurance (FSAJACAB), Condominium (HO-6) Insurance (FSAJACAC), Landlord / Dwelling Fire (DP) Insurance (FSAJACAD), Commercial Property Insurance (FSAJACAE), Real Estate / Lessors Risk BOP (FSAJAFAI)

Keywords

• Property insurance
• Insurer of last resort
• Catastrophe reinsurance
• Depopulation program
• Clearinghouse insurance

Headquarters

HQ city

Jacksonville

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Insurance Premiums: Citizens generates revenue through insurance premiums collected from policyholders. Premium rates are subject to regulatory approval and have been trending downward with 2026 rates approximately 8.8% lower on average. Premiums also include potential 15% assessment surcharges if Citizens requires additional funds to pay claims following a major disaster.
2. Emergency Assessments: Citizens Emergency Assessments can be levied over multiple years at the same rate for both Citizens and non-Citizens policyholders to fund deficit recovery from catastrophic events. These assessments are in addition to regular premium payments.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Citizens Property Insurance Corporation is Florida's state-created insurer of last resort, providing personal and commercial property insurance to Florida property owners who are unable to obtain coverage in the private market. The company offers homeowners, dwelling fire, condominium, mobile home, tenant/renters, commercial residential, and commercial nonresidential policies, supported by Wind Mitigation and Sinkhole inspection services, the Clearinghouse private-market comparison program, and the Depopulation program that transfers policies to private carriers.

Product overview

Citizens Property Insurance Corporation is Florida's state-backed insurer of last resort, established by the Florida Legislature in 2002 to provide insurance to property owners who cannot find coverage in the private market. The company operates primarily through the myPolicy online portal for policyholder self-service, the Clearinghouse program for comparing private-market alternatives, and the Depopulation program for transferring policies back to private insurers. Citizens sells policies through approximately 4,500 independent partner agencies and offers personal lines products (homeowners, dwelling fire, condominium, mobile home, and tenant policies) and commercial lines products (commercial residential and nonresidential policies). Supporting services include wind mitigation and sinkhole inspections, mobile Catastrophe Response Centers for disaster support, and the Florida Market Assistance Plan. The company also provides flood insurance and optional coverages.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Lines Property Insurance Policies Residential property insurance product line including Homeowners (HO-3, HW-2), Modified Homeowners (HO-8), Dwelling Fire (DP-1, DP-3, DW-2), Condominium Unit Owners (HO-6, HW-6), Mobile Homeowners (MHO-3, MW-2), Mobile Home Dwelling Fire (MDP-1, MD-1), and Tenant/Renters Contents (HO-4, HW-4, MHO-4) policies. Targeted at Florida residential property owners unable to obtain coverage in the private insurance market.
• Commercial Lines Property Insurance Policies Commercial property insurance product line including Commercial Residential (CR-M, CR-W) and Commercial Nonresidential (CNR-M, CNR-W) policies. Targeted at Florida business property owners unable to obtain coverage in the private market, particularly in South Florida counties such as Miami, Hialeah, and Fort Lauderdale.
• Clearinghouse Program Program that compares private-market insurance offers available to property owners before qualifying for Citizens coverage, providing personalized and comprehensive coverage options. Aims to route eligible risks to the private market and reduce Citizens' policy count.
• Depopulation Program Program that transfers Citizens policies back to approved private-market insurance companies through take-out assumptions, reducing the state's insured properties and overall exposure. Includes Personal Lines and Commercial Lines depopulation tracks.
• Florida Market Assistance Plan (FMAP) Program that connects consumers with authorized insurers writing new property insurance in Florida, helping Florida homeowners find private-market coverage.
• Wind Mitigation Inspection Service Inspection service that verifies wind mitigation features on residential properties, enabling premium credits for building features intended to reduce hurricane and wind-related losses.
• Sinkhole Inspection Service Inspection service to determine sinkhole activity and eligibility for sinkhole coverage in sinkhole-prone Florida counties.
• Catastrophe Response Centers (CRCs) Mobile response units dispatched to impacted areas following catastrophic events to assist Citizens policyholders with claims processing.

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core, major, standard and minor.

• Slide InsurancecoreChannel Partner/ Reseller/ DistributorSlide Insurance is a major beneficiary of Citizens' depopulation program, assuming hundreds of thousands of policies. In Q1 2026, Slide reported 508,928 policies in force with 46% growth, fueled by assumptions from Citizens. Q1 2026 diluted EPS was $1.02 with net income of $139.5 million.
• Mangrove Property Insurance Co.majorChannel Partner/ Reseller/ DistributorMangrove Property Insurance was approved by the Florida Office of Insurance Regulation to assume up to 20,000 policies from Citizens, with transfers staggered across August to October 2026. Mangrove was approved to offer homeowners' insurance in Florida in January 2025.
• Florida Peninsula Insurance Co.majorChannel Partner/ Reseller/ DistributorFlorida Peninsula Insurance was approved by the Florida Office of Insurance Regulation to assume up to 20,000 policies from Citizens, extending the state's ongoing depopulation drive to shrink its insurer of last resort.
• HCI GroupmajorChannel Partner/ Reseller/ DistributorHCI Group assumed 60,000 policies from Citizens in 2025, including 47,000 in Q4. Full-year 2025 pretax income was $429 million with EPS of $22.72, driven by 12% growth in gross premiums earned.
• Patriot Select Property and Casualty Insurance CompanystandardChannel Partner/ Reseller/ DistributorPatriot Select completed its inaugural year in 2025 with a $2.0 million statutory net underwriting gain after launching in June 2025 with $30 million in capital. The company assumed nearly 26,000 customers from Citizens and added over 1,600 open-market policies through early March 2026.
• Personal Insurance Federation of Florida (PIFF)minorOthersPIFF has launched a Market Plus online resource hub covering Florida insurance market developments. Following 2023 reforms, the market has stabilized with 17 new property and casualty insurers entering, Citizens policies dropping 50% to 336,410, and lawsuits against insurers falling 25% in 2025.
• Florida Office of Insurance Regulation (OIR)coreOthersOIR provides regulatory oversight and approval for Citizens' rates, policy assumptions, and new market entrants. OIR approved Mangrove Property Insurance Co. and Florida Peninsula Insurance Co. to assume up to 40,000 policies from Citizens. The agency maintains the Eligible Company Matrix listing authorized insurers.

Scale indicators13 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• HCI Group: Florida property and casualty insurance holding company (parent of Homeowners Choice) that assumed 60,000 Citizens policies in 2025 (47,000 in Q4) and reported $429M pretax income — directly comparable as a Citizens depopulation counterparty.
• Slide Insurance: Florida-based property insurance carrier that has aggressively assumed policies from Citizens through depopulation, growing to 508,928 policies in force with 46% growth fueled by Citizens takeovers in Q1 2026.
• Tower Hill Insurance Group: Florida-based personal and commercial property insurer with comparable homeowners, dwelling fire, and commercial lines products that compete with Citizens in the Florida property market.
• California FAIR Plan Association: California's joint reinsurance facility and insurer of last resort for residential property — the closest analog to Citizens' statutory role in a different high-catastrophe-exposure geography.
• Universal Property & Casualty Insurance: Florida-domiciled property and casualty insurer writing residential and commercial property coverage in Florida, overlapping directly with Citizens' product set and customer base.
• Heritage Property & Casualty Insurance: Florida-focused residential property insurer and one of the original Citizens depopulation partners, providing comparable homeowners and dwelling fire products to Florida property owners.
• Florida Peninsula Insurance Company: Florida homeowners property insurance carrier approved by OIR in 2026 to assume up to 20,000 policies from Citizens — a direct depopulation peer offering comparable homeowners coverage.
• Louisiana Citizens Property Insurance Corporation: Louisiana's state-created insurer of last resort for residential and commercial property — a near-identical structural peer operating the same residual-market model in another hurricane-exposed state.

Emerging players

• Patriot Select Property and Casualty Insurance: Recently launched Florida P&C carrier (June 2025) that assumed nearly 26,000 Citizens customers in its inaugural year — comparable as an emerging depopulation-driven competitor.
• Mangrove Property Insurance Company: Newly approved Florida homeowners insurer (approved January 2025) cleared to assume up to 20,000 Citizens policies August-October 2026 — an emerging peer whose growth is directly tied to Citizens depopulation.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/citizens_fla
• Facebookfacebook.com/pages/Citizens-Property-Insurance-Corporation/313353039304?ref=ts&fref=ts
• LinkedInlinkedin.com/company/42110?trk=tyah

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Citizens Property Insurance Corporation