Hearing set on citizens rate hike

TALLAHASSEE — 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% 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% 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.