The Florida Office of Insurance Regulation (OIR) has scheduled a public hearing on August 1st to discuss a proposal by Citizens Property Insurance Corp. that could lead to double-digit rate increases for policyholders in 2025.
The proposal, approved by the Citizens Board of Governors last month, includes an average 13.5% increase for homeowners’ “multi-peril” coverage and a 14.2% increase for condominium-unit owners. Across all personal lines of insurance, the average increase would be 14%.
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The hearing, scheduled for 1 p.m. in the state Capitol’s Knott Building, will also be streamed online. The OIR has the authority to approve or modify the proposed rate hikes, and public input is encouraged.
This development comes amid ongoing challenges in Florida’s property insurance market, with several private insurers facing financial difficulties or exiting the state altogether. Citizens, as the state-backed insurer of last resort, has seen a significant increase in policies in recent years.
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The proposed rate increases have drawn criticism from consumer advocates, who argue that the burden will fall disproportionately on low- and middle-income homeowners who are already struggling with rising costs of living.
The OIR’s decision on the rate hikes will have far-reaching consequences for Florida residents and the state’s insurance landscape.
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