Citizens Property Insurance to drop hurricane coverage for homes over $1 million

State-backed insurer Citizens Property Insurance has announced plans to drop coverage for homes over $1 million, the Palm Beach Daily News reported. Brokers in Palm Beach say that the decision is already affecting sales. According to Mark Montgomery of Celedinas & Reese Insurance, a would-be buyer withdrew from the purchase of a Palm Beach property, citing the increased premium. [Palm Beach Daily News] — Alexander Britell