Three Florida property insurance companies have either announced a reduction in their rates or the desire to pass some relief on to homeowners.

Florida property insurance experts say the approval of four insurance companies to take as many as 125,000 policies from Citizens Property Insurance is another sign the state is headed in the right direction.

Property insurance customers of the state-backed insurance company Citizens are getting a pleasant surprise as they learn there is a decrease in property insurance premiums.

Citizens Property Insurance, the state’s “insurer of last resort” is sending policyholders letters that says they’ve received an offer of coverage from another private market insurance company.

Rules for new Citizens Property Insurance policyholders is part of legislation that was passed during a special session.

With more than 850,000 policies, the state-backed Citizens Property Insurance Corp. has become an 800-pound gorilla in Florida’s troubled insurance market.

The Florida property insurance market is still in a state of crisis, suffering a nearly $1 billion loss in 2020 alone.