Citizens Property Insurance Rate Increase Review: Florida Office of Insurance Regulation Evaluates Proposed Changes
Monday, June 12th, 2023 Legislation & Regulation PropertyThe Florida Office of Insurance Regulation held a hearing in Tallahassee on whether to approve Citizens Property Insurance’s recommended rate increase.
If approved, this means that those under the policy would see a statewide average rate increase of about 14%. This comes after board members of Citizens Property Insurance Corporation made this recommendation in March.
"We believe we have clear direction from the legislature for the economic wellbeing of the people of Florida, as well as the good of the market. We really have to as a company work hard to truly returning to being the insurer of last resort, to charge actuarily sound rates and to not be competitive with the private market," said Timothy Cerio, CEO of Citizens Property Insurance Corporation.
The increase would impact all personal line policies, including homeowners, condos and mobile homes.
