Fla.-Owned Citizens Insurance Wants 8% Hike in 2022
The increase is an average and could be more or less for some homeowners. The request must first be approved by the Office of Insurance Regulation.
TALLAHASSEE, Fla. – Citizens Property Insurance Corporation’s Board of Governors on Wednesday will be asked to approve a recommendation of a 2022 rate package that reflects a new 11% cap on annual rate increases in 2022.
Board members will consider a statewide average increase of 8.0% for personal lines policyholders – homeowners, condominium unit owners, mobile homeowners, dwelling and renters. If approved by the Office of Insurance Regulation (OIR), the 2022 rates would go into effect for new and renewal policies after Aug. 8, 2022.
Homeowner policies would increase by an average 7.3%. Condo owners would see an average 10.8% increase. Renters rates would increase by 9.0% on average.
By law, Citizens must recommend actuarially sound rates, while complying with a legislative glide path. In 2021, the Florida Legislature increased the rate cap on individual polices to 11% in 2022 and 12% in 2023, excluding coverage changes and surcharges. If approved, the recommendations will be submitted to the OIR.
Source: News Service of Florida