[6] Once again, several companies pulled out of the Florida market due to an extraordinary number of hurricane and new sinkhole related claims.

Customers were also allowed to stay with Citizens Insurance if they were notified that their policy was being assigned to a private carrier.

[10] In 2010, State Farm and Renaissance jointly formed DaVinci Reinsurance Ltd. in Bermuda, which covered more than 3.5 million Florida homes in 2010.

Chief among problems identified was that Citizens Insurance was undercapitalized and charges "rates that are not actuarially sound".

They concluded that rates must be based on risk factors, including "geographical location, age of structure, and construction type".

Florida House Bill 1495, passed in 2009, allows Citizens to raise rates gradually over five years to become actuarially sound.

PolitiFact Florida, a fact checker of the Tampa Bay Times and Miami Herald, researched Scott's claims.

They concluded that while the company did have $500 billion in exposure, storms would have to damage or destroy every Citizens-insured home in all 67 Florida counties.

Barry Gilway was hired on June 18, 2012, as president and chief executive officer of Citizens Property Insurance Corporation,[14] replacing Tom Grady.

Florida law gives the consumer 30 days from notification to decline their policy transfer before it is assumed by a private firm.

However, businessman, and former US Representative Tom Feeney commented, "It is unfair to continue to require 77 percent of Florida homeowners to subsidize Citizens policies, in addition to 100 percent of businesses, charities, religious institutions, renters, automobile policyholders, local governments and school boards.

In May 2013, just three of the eight members of the Citizens Board of Governors approved a deal[23] in which Heritage Property and Casualty Insurance, formed in 2012, was offered $52 million to take over 60,000 accounts ($867 per policy).

The judgment of the OIR has been questioned because six of the 18 companies licensed to write "takeout" policies between 2007 and 2011 failed, even though Florida had no major hurricanes during that time frame.

[27] Since the 2005 pull back by insurance giants Allstate, State Farm, etc., small, in-state companies have been taking a larger share of policies.

These start-ups have not followed the traditional insurance model by accumulating cash reserves to cover expenses in high claim years.

In the seven years since the last major Florida hurricane, profits have risen, but many small companies shifted that money into affiliated businesses and ignored the need for a reserve.

Insurance rates were based on the company making a reasonable profit after expenses, which included funding a reserve.

Some companies stopped writing policies in high-claim South Florida, refused to renew where roof age exceeded 10 years or the home was built prior to Hurricane Andrew, before Hurricane-proof building codes were adopted.

On March 23, 2022 the top five executives from Demotech sent a letter to Florida's Governor plus the Senator and House leadership entreating them to pass reforms before the start of Atlantic hurricane season June 1.

[29] Sen. Jeff Brandes and other authorities have warned that collapsing companies would cause massive growth of Citizens Property Insurance Corp, a huge bailout from the Florida Hurricane Catastrophe Fund and threaten the thriving real estate market.

[29] Following Hurricane Ian in October, Citizen's policy count exceeded 1.1 million and the company was projected to insure 15% of the market by end of 2022.

Citizens Insurance Board of Governors submitted a 14.2% rate increase on March 31, 2023 effective in November.

"[35] DeSantis also signed a new state law that allows the policies from private companies to cost 20% more than Citizen's rates.