In Florida, many homeowners who have insurance through a company called Citizens Property Insurance Corp. might find themselves needing to switch to a different insurance company, even if it means paying more. This is happening because private insurance companies are starting to offer policies to people who were with Citizens, which was kind of like a safety net insurer for those who couldn't find insurance elsewhere.

Citizens became really big, the biggest in the state, because other insurance companies were having money problems and didn't want to take on more customers. This made Citizens grow a lot in the last few years.

But now, the government has made some changes to help the insurance market. Because of these changes, last year private insurance companies started to take over 275,000 policies from Citizens. And this year, they've already taken over nearly 115,000 more. This process is called "depopulation," and it's part of an effort to make Citizens smaller, especially since having too many policies with Citizens could be risky if big hurricanes hit Florida.

Even though Citizens had over 1.4 million policies at one point, it's getting smaller now. However, it's still the biggest insurance provider in the state, with about 1.172 million policies left.

The thing is, even though these changes are happening, and more people are moving to private insurance companies, it doesn't always mean they'll pay less for their insurance. In fact, they might end up paying more. The law says that if a private insurance company offers a policy that costs up to 20% more than what Citizens is charging, the homeowner has to accept it. So, if Citizens was charging $1,000 and another company offers to cover you for $1,190, you have to take it, even though it's more expensive.

It's a tough situation because while the idea is to make the insurance market healthier in Florida, it also means some people might end up paying more for their home insurance. And for those who stay with Citizens, they shouldn't expect their rates to go down anytime soon because of how insurance prices are set.

It's a bit of a somber time for homeowners navigating these changes. The hope is that, in the end, these moves will lead to a better situation for everyone in Florida's insurance market.