SEMINOLE COUNTY, Fla. — A proposal made Wednesday would raise average rates by more than 14 percent this year for Floridians with a Citizens Property Insurance policy.
The increase could impact more than a million policyholders.
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Citizens is supposed to be the insurance of last resort, but in the last two years, it’s seen its policy count more than double to over 1.2 million as private insurers drop customers or leave the state altogether.
Citizens’ CEO said its current rates are artificially low when compared to the private market and they want to push policyholders out and return to a smaller role in the market like was intended.
Read: 9 things every Florida homeowner should know about changes to insurance
But for many, private insurance rates are going up as well. Regulators will hold a hearing Thursday for First Community Insurance, which is seeking a nearly 50 percent statewide average increase, and for Kin Insurance Network, which is requesting a 61.5 percent increase for homeowners policies.
If approved, the increased rates for Citizens would take effect on Nov. 1.
Read: Data shows Florida needs more than 500K new homes in 8 years
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