Citizens board proposes 14% rate hike for homeowners
How does the timing of this rate hike proposal relate to the current state of the private insurance market in Florida, as described by Mark Friedlander from the Insurance Information Institute?
The proposed rate hike by Citizens Property Insurance Corporation comes at a time when Florida's private insurance market has been stabilizing, according to Mark Friedlander from the Insurance Information Institute3. Over the past year, the private market has seen average rate increases under 2%, a significant change from prior years with double-digit increases.
How many policies does Citizens Property Insurance Corporation currently hold, making it Florida's largest property insurer?
Citizens Property Insurance Corporation currently holds more than 1.4 million policies, making it Florida's largest property insurer. The company was created as an insurer of last resort for eligible Florida property owners unable to find insurance coverage in the private market4.
What is the proposed average rate increase percentage for Citizens Property Insurance Corporation's personal lines?
The Citizens Property Insurance Corporation's board has proposed an average 14% rate increase on personal lines, which includes homeowners' policies. This proposed increase is still subject to approval by state regulators before it can take effect.