Florida state-run home insurance generates major profits for outside companies, CBS News finds

CBS News investigation found that Florida's state-run home insurance program is generating substantial profits for private outside companies involved in its operations. Florida's insurer of last resort, Citizens Property Insurance Corp., has become the nation's largest home insurer as private insurers have fled the state due to hurricane risk and inflation. The arrangement raises questions about how taxpayer-backed coverage is being structured and whether public funds intended to protect homeowners are instead enriching private contractors and vendors. This is particularly significant given Florida's ongoing insurance crisis, where homeowners face soaring premiums and limited options as the state absorbs risk that private markets have largely abandoned. The findings add pressure on state lawmakers to scrutinize how Citizens Property Insurance operates and whether reforms are needed to ensure taxpayer money serves homeowners rather than outside profit centers.