Now that the proposal has been approved by Citizens' board, it will move to the Florida Office of Insurance Regulation (OIR), where a public hearing will be held. (Credit: Feodora/Adobe Stock)
Citizens Property Insurance's Board of Governors approved a proposal last week that will allow the Florida insurer to hike rates by an average of 14% across all personal lines effective January 1, 2025. Under the proposal, homeowner multi-peril policy rates will increase an average of 13.5%, and condominium owners will see an average increase of 14.2%.
Now that the proposal has been approved by Citizens' board, it will move to the Florida Office of Insurance Regulation (OIR), where a public hearing will be held before the OIR determines whether there are any amendments needed before setting Citizens' new rates for 2025. Florida state law caps individual rate increases for primary residences at 14%, with non-primary residence increases capped at 50%.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
