Tag: homeowners insurance florida

Unpacking Citizens Insurance Rate Increase Delays

H. Cutner
Citizens Insurance

Florida Citizens Property Insurance Rate Hikes Remain Unresolved Amid Policy Shifts Florida’s largest government-backed insurer, Citizens Property Insurance Corporation, is dealing with unfinalized rate hikes for 2025. Initially proposed by the Board of Governors in June 2024, the increases include an average 13.5% rate hike for homeowners’ multi-peril coverage and 14.2% for condominium policies. However, with no formal decision from the Office of Insurance Regulation (OIR) as of January, these adjustments may not take effect until at least May 2025. The delay leaves policyholders in uncertainty. Citizens’ President and CEO,…

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Florida Home Insurance Premiums on the Rise Again

G. Turner
Florida Home Insurance

Why Florida’s Insurance Rates Are Climbing Faster Than Ever Home insurance premiums in Florida are climbing higher, sparking fresh concerns among homeowners and consumer advocates. While stabilized rates in early 2024 offered respite, recent data from the third quarter show an uptick in costs, reversing the trend of slowing increases. Understanding the factors behind these changes is vital for homeowners and industry leaders alike, as new dynamics including inflation, reinsurance prices, and storm recovery efforts take center stage. Rising Insurance Premiums in Florida An analysis of data from Florida’s Office…

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Florida homeowners insurance through Citizens includes random home inspections

H. Cutner
Homeowners insurance - Inspection Form - Florida Flag

Policyholders are worried about the way this new requirement will impact their rates. The largest homeowners insurance company in Florida has added a new requirement to its coverage, which is to conduct random home inspections of its customers. The state-run Citizens insurer has been taking steps to control the rates it charges its policyholders. Citizens, like all homeowners insurance companies in the state, has been required to continually raise its rates as the market in Florida becomes an increasingly costly place to do business. While many insurers have left the…

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Homeowners insurance choices faced by many Florida policyholders

Julie Campbell
Florida homeowners insurance, Citizens Property

Considerable decisions are ahead in the state as Citizens divests itself of a massive number of policies. Within the next month, there will be almost 400,000 people in Florida who currently have homeowners insurance coverage through Citizens Property Insurance Corp., and who will be receiving notice in the mail from another insurer to advise the policyholders that their coverage will be transferred over to that new company by November 5, 2013. At that point, the policyholders will need to make one of two choices that will be available to them.…

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Homeowners insurance at Citizens being moved in record numbers

Homeowners insurance New Jersey

Approximately 60,000 more policies are being shifted to private insurers with owner consent. Citizens Property Insurance Corp in Florida has taken its next step in its aggressive effort to dump policies, having now announced that many of its homeowners insurance customers will need to decide whether or not they will remain with the state backed company. Following all of its efforts it may shed up to 300,000 policies. This drop would represent about one fifth of its total of almost 1.47 million policies. The goal is to have sloughed them…

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