Homeowners

Florida's property insurance market is in crisis, with soaring premiums and limited coverage options. Causes include high disaster risk, rising reinsurance costs, insurer exits, rampant fraud, and aging infrastructure. Homeowners face unsustainable costs, investors see reduced profitability, and potential buyers are deterred. Comprehensive solutions are urgently needed to stabilize the market and ensure affordability.

Citizens Property Insurance is continuing its efforts to move policies to private insurance companies in order to reduce exposure to risk, as the state-backed Florida insurer was never intended to carry the number of policies it currently holds.

The concept of seller financing isn't new but it has become a hot topic in rapidly growing and competitive real estate markets like ours in Southwest Florida. In the simplest terms, seller financing happens when the seller acts as a lender, extending credit to the buyer to cover a part or all the purchase price of the home.

Citizens Insurance is shifting up to 26K policies to private firms in order to manage its growing customer base. The move aims to mitigate financial risks, especially from major hurricanes, and comes as a new law requires policyholders to accept private offers within 20% of Citizens' rates.