Florida Residents ‘Scared’ as State’s Largest Insurer Upends Policies [Video]

Florida residents are worried about their insurance as the state’s largest provider plans to off-load hundreds of thousands of policies.

Regulators in Florida have approved a proposal for the state-backed Citizens Property Insurance Corp. to transfer more than 300,000 policies to private insurers in December, as the insurer tries to reduce its risk amid overwhelming demand.

Residents are concerned that they could see higher premiums—which are already the highest in the nation—or have their claims denied, especially in the wake of the two major hurricanes that recently struck the state.

More From Newsweek Vault: How Much Equity Do You Need for a Mortgage Refinance?

“I’m scared about what’s going to happen … if we’re going to be paying more money than what we pay with Citizens,” Nancy Morales told CBS News Miami.

Morales said she submitted a claim to Citizens for the roof of her house and is worried she might end up being dropped sooner as a result.

Citizens spokesperson Michael …