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Month: June 2024

Citizens wants to raise its rates by 14% maximum in 2025

Citizens wants to raise its rates by 14% maximum in 2025

State-owned Citizens Property Insurance Corp. is apparently in no mood to give its customers any rate-hike breaks.

Despite signs that the private insurance market in Florida is stabilizing, the insurer of last resort is continuing with its strategy to impose the maximum allowable 14% rate hike on its 1.2 million policyholders in 2025.

The 14% rate hike would affect the company’s personal lines business, which consists of single-family homes, private condominium units, mobile homes and rentals. The rate includes multiperil policies with wind coverage and wind-only coverage for those categories.

The company is recommending raising the premium it charges for multiperil coverage of 71,196 single-family homes in Broward County by an average of 13.5% — from an average $5,385 to $6,112.

In Palm Beach County, 61,357 homeowners would see comparable coverage hiked by an average of 13.4% — from $4,904 to $5,561.

The 96,941 single-family homeowners covered by Citizens in Miami-Dade County would also see an average 13.5% increase from $5,113 to $5,804. read more