Is Citizens Insurance a good insurance company?

UPDATED: Sep 24, 2012

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UPDATED: Sep 24, 2012Fact Checked

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Asked September 24, 2012

1 Answer

Citizens Insurance is an unusual insurance company. Rather than being a profit-based insurer, Citizens Insurance bills themselves as a not-for-profit, tax exempt government corporation. The mission of the company is to provide home and property insurance to Florida residents. The company operates under the direction of Florida Legislature with a Plan of Operations approved by the Florida Financial Services Commission.

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Financial Rating
Citizens Insurance has not been rated for financial stability. Because it is not a profit-based corporation, but one managed entirely by the state of Florida, Citizens Insurance is not classified in the same manner as other insurance companies and therefore cannot be correctly rated by comparison to them. Since the company is managed by the state of Florida, it can be considered a safe place to purchase insurance as any claims would ultimately be backed by the Florida Treasury.

Customer Satisfaction
Citizens Insurance is well-liked by its customers, based on their guidelines and 6 points of customer interaction: Public Service, Integrity, Respect, Courtesy, Responsiveness, and Fairness. As a government-managed company, Citizens Insurance makes their customers the first priority, and strives to provide the best service possible.

Company Availability
Citizens Insurance is licensed for operation in the state of Florida. As a wholly owned, government insurer, they are not allowed to sell insurance in other states, and are not likely to expand beyond the current availability. However, it should also be noted that as a state-owned insurer the company may be able to offer specialty coverage such as flood insurance which is not available through privately owned insurance companies.

The Bottom Line
Stability is perhaps the most enticing thing about Citizens Insurance. Since they are owned by the state, there is very little danger of the company becoming unstable and no possibility of being absorbed into other corporations. The biggest problem you are likely to encounter is that the premiums may be less flexible than with other companies, but you will never have to be concerned that your insurance company is going to go out of business.

Answered September 24, 2012 by Anonymous

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