Florida Residual Markets
Florida law describes Citizens Property Insurance Corporation as:
Answer
A government entity that is an integral part of the state, not a private insurance company, providing property insurance to applicants entitled to but unable to obtain it in the voluntary market
Fla. Stat. §627.351(6)(a)1.: 'It is necessary, therefore, to provide affordable property insurance to applicants who are in good faith entitled to procure insurance through the voluntary market but are unable to do so. The Legislature intends… that affordable property insurance be provided… through Citizens Property Insurance Corporation, a government entity that is an integral part of the state, and that is not a private insurance company.' Paying covered claims of insolvent insurers is the job of the Florida Insurance Guaranty Association (§631.57).
Source: Fla. Stat. §§627.351(6)(a)1., 631.57 (2026)
Not the answer
- A private mutual insurance company that is owned entirely by its own policyholders rather than by the state and that writes property coverage for homeowners in Florida
- A federal government program that insures flood risks for property owners located in participating communities across the country
- A statutory guaranty fund, created and operated under Florida law, whose sole function is to pay the covered claims left unpaid by property and casualty insurers that have become insolvent and been placed in liquidation
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