Regulators to Discuss Citizens Rate Increase
Officials will be considering a proposal that could lead to an average 13.5% rate increase for the most common type of Citizens coverage.
TALLAHASSEE, Fla. – Property insurance rates are one of the biggest pocketbook issues for Floridians.
And Thursday, regulators will hold a hearing on whether customers of the state’s Citizens Property Insurance Corp. – by far the largest insurer in Florida – should have to dig a little deeper to cover their homes.
The Citizens Board of Governors last month signed off on a proposal that, in part, would lead to an average 13.5% rate increase for the most common type of Citizens policy, known as homeowners’ “multi-peril” coverage.
Condominium-unit owners would see an average 14.2% increase. Across all personal lines of insurance – a category that includes policies for homeowners, condominium-unit owners, renters and mobile homes – the average increase would be 14%.
The Florida Office of Insurance Regulation, which will hold Thursday’s hearing, must approve any rate increases and can order changes to the Citizens proposal. Citizens had 1.223 million policies as of July 19.
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