Florida's Citizens Property Insurance Might Raise Premiums of Up to 14% Next Year

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In this aerial view, wreckage left in the wake of Hurricane Ian is shown on the island of Matlacha on September 30, 2022 in Matlacha, Florida. Win McNamee/Getty Images

Florida-based Citizens Property Insurance, which serves over 1 million clients, might see its premium prices increase by hundreds of dollars next year.

The legislature established Citizens for companies and households that could not get insurance through private companies. State law limits Citizens' rate hikes, but legislators have increased those limits in the last several years.

Premiums Price Hike

On Wednesday, June 19, an executive summary indicated that the corporation's board of governors approved a 14% increase in the total rates for its insurance policies. It is yet up to Florida officials to approve the proposal.

Members of the Citizens' Board include attorneys and corporate professionals selected by Governor Ron DeSantis, Chief Financial Officer Jimmy Patronis, and the Republican legislative leaders.

For 2025, the limit is 14% for main residences and 50% for second houses, classified as those settled for nine months or less each year in Florida.

Many of the company's around 1.2 million policies are standard homeowner plans that protect against events like windstorms, theft, and fire. Despite the Citizens' request for a 14% rise in such measures, the outcome would be an entire increased rate of around 13.5%.

What to Expect

According to the Tampa Bay Times, Miami-Dade households with such insurance policies would rise from an average of $5,113 to $5,804. The average increase of $5,385 to $6,112 in premiums for homeowners in Broward County.

The average premium in Hillsborough County would increase from $2,667 to $3,028, and in Pinellas County, it would rise from $2,854 to $3,234.

Tampa Bay would see less severe hikes because of lower premiums.

Meanwhile, homeowners whose Citizens policies only cover wind would see an average increase of 14.6%. Those who have Citizens' condo insurance would see a 14.2% rise.

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Florida, Insurance

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