Ahead of the 2024 hurricane season, the Citizens Property Insurance Corp. Board of Governors has approved spending up to $750 million on backup coverage through private reinsurance, potentially providing $5.5 billion in coverage. Despite ongoing negotiations, last year’s expenditure was around $650 million. As Florida’s primary property insurer with nearly 1.2 million policies, Citizens has sought to reduce its policy count through a “depopulation” program. While insurers brace for an anticipated busy hurricane season, the potential aftermath of a severe storm highlights the importance of robust coverage and financial preparedness.