Citizens picks a firm to move commercial policies out

Florida Citizens Property Insurance awarded management of its surplus lines commercial clearinghouse to Bridge Specialty Wholesale, a Brown & Brown division based in Daytona Beach. The clearinghouse gives agents a way to find surplus lines carriers willing to take on commercial accounts that currently sit with Citizens. A start date has not been announced. As of June, Citizens carried 4,562 commercial policies covering 10,678 buildings and roughly $14 billion in insured value, and its overall policy count has fallen from about 1.4 million in 2023 to 278,196 in July.

Citizens is designed to be the last stop, not the permanent home, and the private market has been taking policies back on its own. If you own a small commercial building, a rental property, or sit on a condo board with coverage at Citizens, a private or surplus lines offer at renewal is a realistic possibility. Compare the terms, not just the premium. Wind and named-storm deductibles, water damage limits, and roof settlement language vary widely between carriers, and a surplus lines policy in Florida is not backed by the state guaranty fund the way an admitted carrier’s policy is. That tradeoff can still be worth taking, but it should be a decision rather than a surprise.

If your commercial property is with Citizens, get the alternatives priced before the renewal notice arrives. An independent agent can compare admitted and surplus lines options side by side and explain what each one actually covers.