Citizens Insurance requests to raise rates,
Article Courtesy of WINK NEWS
By Emma Heaton
Published June 15, 2023
Before Hurricane Ian, lots of
people struggled with home insurance. Home insurance, soaring rates,
companies dropping customers or going bankrupt.
The storm only made things worse.
That’s put a lot of pressure on Florida’s insurer of last result:
“Which makes us at the moment the largest
property insurer in Florida,” Michael Peltier said,
spokesman of Citizens.
According to Peltier, Citizens now insures 1.3 million
properties and worries that could go to 1.7 million before
the end of 2023.
Thursday afternoon, Citizens went before the Florida Office
of Insurance Regulation and basically said: something’s
The company complained that its rates are
often lower than private companies, which homeowners across
the state quickly come to enjoy. State law limits annual
rate increases with a cap at 12% (in 2023) for homes that
are primary residences.
Lawmakers okayed citizens raising rates on property owners who are not
A group of homeowners from Monroe County urged the Office of Insurance
Regulation to reject the massive rate hike.
“I think that if you’re if you’re increasing for citizens, almost
guaranteed you’re going to be increasing for everyone else,” one of the
Monroe County homeowners said.
They said there’s no guarantee the rate hike will drive homeowners back
to private insurance companies.
The Office of Insurance Regulation will accept public comment on
Citizens’ request to hike rates until June 22.
Public comment may be submitted at the rate hearing or emailed to
[email protected] with
the subject line “Citizens Property Insurance Corporation.”