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    Citizens Property Insurance Board Approved Rate Hike Proposal

    By Karen Curtis,

    28 days ago
    https://img.particlenews.com/image.php?url=1zUaGc_0twS4OOB00
    Photo: krisanapong detraphiphat / Moment / Getty Images

    Citizens Property Insurance Board of Directors voted unanimously Wednesday to recommend a rate hike of 14% for its 1.2 million Florida policyholders in 2025.

    The proposed 14% increase will impact single-family homes, private condominium units, mobile homes, and rentals as well as commercial properties.

    The decision to raise rates is driven by high reinsurance costs and a spike in litigation

    The rate hike limit was raised from 10% to 15% due to legislation passed in 2021.

    The Florida Office of Insurance Regulation must also approve the 14% increase before it goes into effect on Jan. 1, 2025.

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