(WSVN) – In a unanimous vote Wednesday morning, the Citizens Property Insurance Corporation board of governors approved a 2025 rate package. With the vote, Citizens’ customers could see an increase of 14% in their property insurance rate as early as next year.
“All those in favor, say aye,” said a board member.
During their meeting, several board members were heard saying aye as they cast their votes.
The insurer would be implementing its maximum allowable 14% rate statewide. This would be for all personal lines policies to include private condos, single-family homes, mobile homes, and rentals.
Citizens, a not-for-profit corporation, tax-exempt, is Florida’s insurer of last resort and the largest insurer in the state, providing both windstorm coverage and general property insurance for homeowners who can’t access it otherwise in the private market. This is especially critical after a hurricane or storm.
The packaging is still pending more votes before it can be fully approved.
If the 2025 rate package passes all approvals, here’s how it could impact residents:
- For both Miami-Dade and Broward counties, homeowners could see a possible increase of 13.5%
- Condominium unit rates would likely increase by 14.2% in Miami-Dade and 14.3% in Broward County.
While the board of governors voted for a rate increase, the Office of Insurance Regulation still needs to approve it and they will hold a public hearing.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.