Illustration of a flying percentage symbol 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%.

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Brittney Meredith-Miller

Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].

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