Wednesday's order came amid widespread concerns about how the Category 4 Hurricane Ian will affect an already-troubled Florida insurance market.

The ratings issue has come at a turbulent time in Florida's property-insurance market, as carriers have shed policies and sought large rate increases because of financial losses.

As Florida's property-insurance market has crumbled and home values have soared, many homeowners have been dropped by private insurers and cannot qualify for Citizens coverage because of the $700,000 cap.

Homeowners can still recover prevailing-party fees if they file lawsuits directly against insurers, but the contractors cannot.

The filing listed a series of issues, including saying that the insurer's "assets if made immediately available are insufficient to pay all of its liabilities."

United Property & Casualty Insurance Co. was one of three insurers downgraded by the Demotech ratings agency amid widespread financial troubles in the state's property-insurance market.

Citizens had 937,835 policies as of last Friday, up from 883,333 at the end of May.

Saying the property-insurance market "remains in crisis," the state asked a federal judge to toss out a challenge to a law that places restrictions on roofers.