Citizens’ rate hikes among lowest of Florida’s top 10 insurers
Yes, there are some trade-offs to being insured by state-owned Citizens Property Insurance Corp.
But despite them, there’s little an argument that folks who rely on “the insurer of last resort” have been facing insurance rate hikes that rank among the lowest over the past two years.
It’s one reason, along with a growing reluctance by private-market insurers to continue insuring Florida homes, why the number of accounts covered by Citizens’ has grown from 420,000 to 1.3 million since 2019.
And if you can manage to keep Citizens as your insurer, many would point out that you are in better shape than neighbors who are stuck paying rates with larger year-over-year increases.
A South Florida Sun Sentinel comparison of top 10 insurers found that Citizens imposed rate increases that were among the lowest. The newspaper dug deep into rate hike requests stored by the Florida Office of Insurance Regulation and added up the increases approved since mid-2021, as well as hikes recently requested but not yet approved.