Citizens eyes rate hike, as insurance changes proposed
Tallahassee, Florida – This week the Citizens Property Insurance Corp. Board of Governors will consider a proposal that could lead to average rate increases of 7.3 percent for homeowners.
According to information released Monday by the state-backed insurer, the proposal also could lead to average increases of 10.8 percent for condominium unit owners and 9 percent for renters.
Ultimately, the state Office of Insurance Regulation would have to sign off on any increases, which would take effect in August. The board is scheduled to consider the proposal during a meeting Wednesday in Tampa.
This comes as Citizens grapples with the addition of thousands of policies a week as struggling private insurers drop customers and seek large rate increases.
According to data posted on the Citizens website, citizens had 741,420 policies as of Nov. 30, up from 725,942 at the end of October. As additional illustrations of the growth, Citizens had 532,788 policies on Nov. 30, 2020, and 444,323 policies on Nov. 30, 2019.
Because of financial risks to the state, many state leaders have long sought to move policies out of Citizens into the private market.