Citizens Property Insurance seeks a 14% increase in premiums, amounting to an average of $700 more per policy, to cover rising operational costs.
Insurance Commissioner Yaworsky emphasizes thorough consideration of the rate hike request, ensuring consumers are not burdened with unnecessary costs amid the rising premiums.
Recent hurricanes may contribute billions in damages, complicating the insurance landscape, prompting Citizens' request for significant rate increases to maintain financial stability.
In Miami-Dade, the average premium for HO-3 policies would rise to $5,804 from $5,113, representing a $691 increase, attributed to inflationary pressure and costs.
#insurance-rates #property-insurance #florida-hurricanes #citizens-property-insurance #regulatory-approval
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