TAMPA, Fla. (WFLA) — Florida’s so-called insurer of last resort, Citizens Property Insurance, will be the focus of a Florida Office of Insurance Regulation meeting Thursday.
In March, the Citizens Board of Governors approved a proposal that would lead to double-digit rate increases for homeowners. However, regulators will need to sign off on the rate change.
The company is looking to increase rates by a statewide average of 14.2% for all personal lines policies, including homeowners, condominium unit owners, dwellings, renters and mobile homes.
Here is a breakdown of price increases policyholders in the Tampa Bay area could see.
- Citrus: up by 15.3%
- Hernando: up by 13.3%
- Hillsborough: up by 12.2%
- Manatee: up by 13.7%
- Pasco: up by 12.5%
- Pinellas: up by 12.5%
- Sarasota: up by 14.4%
During Thursday’s meeting, the Florida Office of Insurance Regulation will hear testimony from the Citizens Property Insurance Corporation and receive public comment on their proposed rate filings.