TAMPA, Fla. (WFLA) — Citizens Property Insurance Corp’s board of governors unanimously backed a proposal during Wednesday’s meeting that could result in double-digit rate hikes for policyholders.
Many Florida Homeowners will see higher property insurance rates next year. The new rates would amount to an average 13.5% increase for homeowners covered by a “multi-peril” policy, which Citizens says is its most common.
New rule could make it harder to join Citizens Insurance
Condominium owners would see an average 14.2% increase if the new rates are approved by the Florida Office of Insurance Regulation.
At Club Chalet off of 54th Street in Pinellas County, many homeowners depend on Citizens Insurance. Mike Schneider retired to the area three years ago but didn’t expect insurance rates to keep climbing.
“We live on a fixed income, so those prices going like they are hard to keep up with,” said Schneider.
According to Citizens, the new rate increase would amount to an average 14% hike across the board – from policies covering renters, to mobile homes, to condos and single-family homes. Florida state law curtails increases at 14% for policies covering primary residences and 50% for non-primary
