Once the largest insurance company in Florida, Citizens Property Insurance has shrunk to its smallest size in years, pushing more than 1 million policies into the private market.Citizens is down to just over 321,000 policies thr ough its depopulation process. While officials see this as a sign of a recovering market, homeowners are feeling the financial strain.A losing game for homeownersMarilyn Sweeney, a retiree on a fixed income, plays Mahjong twice a week with friends. She said learning the complex game took time."Took me six months to feel confident that I could play on my own," Sweeney said.WATCH: Florida homeowners face massive insurance premium hikes after forced off Citizens Massive insurance premium hikes after forced off CitizensNow, Sweeney feels like she is losing a different game: Florida's property insurance market. She was moved from Citizens to Slide Insurance in 2024."Citizens depopulated me. Put me with Slide Insurance, and I've been with them. This is my third year now, and the rates have gone up a lot, like 200%," Sweeney said.Sweeney's premium with Citizens was $2,335 in 2024. At renewal with Slide Insurance, it jumped to $4,676. This year, she faces another increase to $5,147, which is 120% more than she paid two years ago. "The Slide rates went up last year, and they went up again this year," Sweeney said. "It makes me wonder, can I continue to stay here as a senior citizen, retired fixed income?" Sweeney said.Double the costSt. Pete resident Tina Utsey also emailed Tampa Bay 28 anchor Nadeen Yanes, experiencing a similar situation. She was taken out by Monarch Insurance and pays for her insurance quarterly."So the renewal payment was really, it was really double the amount, just about, that I normally pay with Citizens," Utsey said. "By the time I finish paying for the year, which will be in August, it's, as I said, it's going up 65%," Utsey said."That's why I reached out to you, because I said to myself, I think I need to say something. I want my voice to be heard, because this is not right," Utsey said.State approvals and the 20% ruleIn Florida, there are no caps or limits on how much insurance companies can raise rates. However, the Office of Insurance Regulation approves all the rates, meaning those premiums homeowners are seeing are greenlighted by the state."While its true that policies can be moved out of Citizens if a private company offers a rate within 20% of the current premium, this is exactly where the consumer relies heavily on their agents expertise to navigate their options," wrote Shiloh Elliot, spokesperson for the Office of Insurance Regulation. "When a takeout offer hits the table, it shouldn't just be assumed that the insured has to take it. It is the agents responsibility to step in and show the customer that they have options."I asked Citizens Property Insurance if they have an agreement with take-out companies to prevent premium hikes at renewal. They do not.However, a Citizens spokesperson said if a customer receives a renewal notice from a new company with a premium 20% higher than a comparable Citizens policy, there is a path back to Citizens."Customer can take that offer to an insurance agent. If the premium on the notice is more than 20% higher than a comparable Citizens policy - AND no other private offer is within 20% - the customer can return to Citizens," said Michael Peltier with Citizens Property Insurance.Only about 2% do. Shopping for a new agentInsurance agent Jake Holehouse said returning to Citizens is a difficult process."It's a challenge to go back to Citizens," Holehouse said.Instead, Holehouse and state officials recommend shopping around, noting there are 17 new companies in the market."The consumer should be frustrated by the process. And you know, if you're getting a rate increase this year, you should absolutely be shopping the policy, right? There should not be rate increases. Rates should be coming down right now," Holehouse said.State insurance leaders agree."The old strategy of sticking with the same company for thirty years just doesn't make financial sense anymore, and its on the agent to make sure their clients know that. Agents need to be proactive, reaching out for real and meaningful conversations at least once a year to review their clients' needs and look at the new choices available," Elliot added in her email. Both Sweeney and Utsey said they have already shopped around for better rates without success. Holehouse suggested that in those cases, homeowners should shop for a new insurance agent."Your agent should have basically 20 to 30 options that they could talk to you about as to, you know, what various rates are in the marketplace," Holehouse said."I didn't know that you had to shop agents, brokers. So thank you for that," Utsey said.'A lot of good news'Marilyn Sweeney took the advice after our interview and shopped her policy around again with her agent. In an email this week, she said it worked!"Based on the information you gave me and your sound advice, I contacted my agent and asked her to re-shop my policy. She found a policy with People's Trust that had better coverage and a premium reduction from $5, 091 (Slide Insurance) to $3,123 with People's Trust," Sweeney wrote. "That's a lot of good news! Thank you for informing me and prompting me to take action, something I had never considered until speaking with you. It paid off in spades (or Bams, if you play Mah Jong). Thanks again for helping me get a positive outcome."Insurers responseWe also emailed Slide Insurance and Monarch Insurance regarding the premium increases for these two homeowners. Slide Insurance said they are in a quiet earnings period and can not comment.A spokesperson with Monarch Insurance sent the following:While rates are determined based on certain risk characteristics such as location, age and construction of home, and coverage(s) selected, without the insured's specific policy information, we would be unable to speak to specific changes in premium. However, I can confirm that Monarch has not filed a rate increase on our Homeowners or Dwelling Fire programs. To the contrary, Monarch filed a rate decrease for the Dwelling Fire program and a 0% or "flat" rate filing for the Homeowners program, both of which are approved by the Office. Premium changes on renewal are often attributed to age of home or increased coverage due to inflation factors. While I cannot speak to specifics as noted above, I would encourage the insured to discuss coverage options with their agent. ...read more read less