Citizens Property Insurance Rate Increase Proposal Denied by Florida Regulators
Thursday, August 24th, 2023 Legislation & Regulation PropertyFlorida’s ongoing battle with rising insurance rates has taken a new turn as the Florida Office of Insurance Regulation has taken a stand against Citizens Property Insurance Corporation’s latest proposed rate increase.
The rejection, officially signed on Friday, August 18, has halted Citizens Property Insurance Corp.’s plans for a statewide average property rate increase of approximately 13%. This move marks a significant intervention by regulators who have deemed the proposed increase as both excessive and unjustified. The previously scheduled implementation date for the rate increase, initially set for November 1, has been postponed to December 9.
Citizens Insurance is the leading home insurer in the state with over 1 million policies. Recent legislative mandates requiring the purchase of flood insurance have intensified the financial pressure on Floridians covered by Citizens windstorm policies.
The efforts to strike a balance between insurance affordability and the stability of the insurance market remain at the forefront of regulatory actions. Commissioner Yaworsky’s order mandates that Citizens recalibrate their rate proposal, resulting in new, reduced overall average statewide rates.
