Florida Homeowners Brace for Double-Digit Insurance Rate Hikes from Citizens Property Insurance

The Florida Office of Insurance Regulation is considering a double-digit rate increase for Citizens Property Insurance, potentially affecting 1.3 million homeowners. The increase averages out to about 14.2% for policyholders, but nothing is set in stone yet. If approved, the rate hike will kick in on November 1. Homeowners across the country are seeing an increase in insurance due to the rising cost of replacing homes. However, Citizens customers are still paying about 40% less on average for home insurance compared to the private market.