©2024 The News Service of Florida
Insurance regulators will hold a hearing Aug. 1 about a proposal by the state’s Citizens Property Insurance Corp. that would lead to customers across the state seeing double-digit rate increases in 2025.
The Florida Office of Insurance Regulation will hold the hearing at 1 p.m. Aug. 1 in the state Capitol’s Knott Building, with the hearing also streamed online, according to a notice published Monday in the Florida Administrative Register.
The Citizens Board of Governors last month signed off on the proposal, which, in part, would lead to an average 13.5 percent rate increase for the most common type of Citizens policy, known as homeowners’ “multi-peril” coverage.
Condominium unit owners would see an average 14.2 percent increase.
Across all personal lines of insurance — a category that includes policies for homeowners, condominium-unit owners, renters and mobile homes — the average increase would be 14 percent.
The Office of Insurance Regulation must approve any rate increases and can order changes to the Citizens proposal.
