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Leases
 6 Months Ended
Jun. 30, 2020
Leases [Abstract]  
Lessee, Operating Leases LEASES The Company leases home office space in Austin, Texas for Citizens and in Bermuda for CICA Ltd. as well as several district office locations related to our Home Service Insurance segment across Louisiana, Mississippi and Arkansas, which are classified as operating leases. Certain operating leases include renewal options that extend the lease terms. The exercise of lease renewal options is at our sole discretion when it is reasonably certain that we will exercise such option. Leases with an initial term of 12 months or less are immaterial to the consolidated financial statements and are recognized as lease expense on a straight-line basis over the lease term and not recorded on the consolidated balance sheet. See our Annual Report on Form 10-K for the year ended December 31, 2019 for a comprehensive discussion of leases.
The Company has $12.5 million of undiscounted lease liability remaining as of June 30, 2020. The Company evaluates its estimated incremental borrowing rate, which is derived from information available at lease commencement date, in determining present value of lease payments.

The table below summarizes the number of weighted-average years remaining in our operating lease liabilities.

Lease TermJune 30, 2020
Weighted-average remaining lease term (in years)
Operating leases9.6

We recorded the lease right-of-use asset in Other Assets and the lease liability in Other Liabilities on our consolidated balance sheets. Cash payments related to lease liabilities were $0.3 million and $0.7 million for the three and six months ended June 30, 2020 and were reported in operating cash flows. Maturities of our remaining operating lease liabilities as of June 30, 2020 are as follows:

(In thousands)Operating Lease Payments
Maturity of Lease Liabilities
2020$739  
20211,414  
20221,274  
20231,273  
20241,305  
After 20248,160  
Total lease payments14,165  
Interest expense(1,659) 
Present value of lease liabilities$12,506  

In January 2019, the Company entered into a long-term lease agreement with an unrelated party for its new home office in Austin, Texas.  The leased area is now under construction to our specifications, which requires the Company to recognize the related lease right of use asset and liability of $12.0 million. The building is expected to be completed in the fourth quarter of 2020.
The Company does not engage in lease agreements among related parties.