Despite a stabilizing private insurance market in Florida, Citizens Property Insurance Corp. is moving forward with a 14% rate hike for its 1.2 million policyholders in 2025.
The rate hike will affect various types of properties, including single-family homes, condos, mobile homes, and rentals, with specific average increases for different counties in Florida.
The 14% rate hike recommendations require approval from the company's Board of Governors and the Florida Office of Insurance Regulation, with the state regulators usually granting a slightly lower rate increase.
To achieve 'actuarial soundness,' Citizens would actually need a 38% rate hike, but due to the rate cap in place, they are limited to 14% for 2025.
#citizens-property-insurance-corp #rate-hike #florida-insurance-market #policyholders #approval-process
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