Florida created a state-backed insurer, Citizens Property Insurance, as an insurer of last resort in 2002. The rapidly-diminishing field of insurance companies in Florida leads to frustrated homeowners immediately seeking new options for property insurance, namely Citizens.Insurance experts predict Citizens may have 1.2 million customers by 2022. It’s also unlikely that Citizens can sustain that many customers. Citizens’ insurance is also costly for homeowners, as Mark Friedlander of the Insurance Institute notes, “53% higher than the next highest insurer.” Another problem with Citizens is the agency’s cap of $700,000 for home value. Tampa homeowners and others in South Florida over that limit are forced to shop elsewhere at a higher price. It’s a terrible environment for homeowners, especially as the field of eligible insurers narrows.