TALLAHASSEE — The proposed rate increases for Citizens Property Insurance Corp. customers remain unresolved, with any changes now unlikely to take effect until May 1. The Florida Office of Insurance Regulation is still considering the proposal, which was approved by Citizens’ Board of Governors in June.
The proposed rate increase for homeowners’ multi-peril coverage averages 13.5%, while condominium-unit owners could see an average 14.2% increase. State law limits annual rate hikes for Citizens customers, capping increases at 14% for owner-occupied primary residences and 50% for second homes.
Citizens Property Insurance Rate Proposal
Citizens President and CEO Tim Cerio said the insurer is waiting for regulatory approval. “We’ll implement what they decide,” Cerio stated after a Senate Banking and Insurance Committee meeting. Regulators held a hearing on the proposal in August and may deny or revise the requested increases.
Citizens officials argue that higher rates are necessary because the state insurer often charges less than private carriers. However, homeowners in some areas claim they have limited options for coverage. Insurance Commissioner Michael Yaworsky credited 2022 insurance reforms for helping the industry remain financially sound despite hurricanes Debby, Helene, and Milton in 2024.
As of January 7, Citizens had paid approximately $823 million in hurricane-related claims, with over $700 million attributed to Hurricane Milton. The insurer has managed these claims without needing to collect additional assessments from policyholders.
