Many Florida homeowners face double-digit increase for property insurance by end of year

[Zorro]

The state’s Citizens Property Insurance Corp. has revised proposed rate increases, with many homeowners likely to see double-digit hikes starting late this year.

Citizens last week sent a proposal to the state Office of Insurance Regulation that would lead to an average 11.5 percent increase for homeowners with the most-common type of policies, known as “multi-peril” policies, according to information slated to be presented to the Citizens Board of Governors on Sept. 27.

When other types of personal-lines residential policies are factored in, such as wind-only and mobile-home policies, the average increase would be 12.3 percent. Various types of commercial policies, including condominium association policies, are expected to see an average increase of 10.2 percent.

Citizens made revisions after the Office of Insurance Regulation last month took issue with parts of an earlier rate proposal and ordered some reductions. The revisions were aimed at addressing regulators’ objections, though Citizens had not received a final sign-off as of Friday morning, Citizens spokesman Michael Peltier said.

https://www.heraldtribune.com/story/news/state/2023/09/16/citizens-insurance-revised-florida-rates-increase/70866219007/

Good to know DeSantis and the Republican legislature are on top of this...