FLORIDA - Florida regulators have approved a rate decrease for many homeowners insured through Citizens Property Insurance Corporation, offering potential relief to policyholders facing rising property insurance costs.

The Florida Office of Insurance Regulation approved new rate adjustments for Citizens policies that will lower premiums for many customers when their policies renew.

The changes are expected to result in a statewide average premium reduction of about 8.7%, according to state officials.

Citizens Property Insurance Corporation was created by the state as an insurer of last resort for homeowners who cannot secure coverage through private insurance companies.

In recent years, the company experienced significant growth as several insurers left the Florida market following costly hurricane seasons, increasing reinsurance expenses, and legal disputes tied to property claims.

Officials say the approved rate changes reflect improving conditions in Florida’s property insurance market after a series of legislative reforms aimed at stabilizing the industry.

Lawmakers passed multiple measures in 2022 and 2023 intended to reduce insurance litigation and encourage more private insurers to operate in the state.

State regulators estimate that more than 150,000 Citizens policyholders could see premium reductions of 10% or more when the new rates take effect.

The adjustments will apply to hundreds of thousands of policies statewide, though the exact change for each policy will depend on factors including location, property characteristics, and coverage levels.

The new rates will be implemented during policy renewals beginning in 2026.

State officials say the changes are part of broader efforts to strengthen Florida’s property insurance market and address affordability concerns for homeowners.

NEWS PAGE

HOME