The board of governors for Citizens Property Insurance Corp., Florida’s state-backed insurer of last resort, wants the maximum allowed rate increase – 11% for next year and 12% for 2023 – in an effort to stem the insurer’s rapid growth.
At its meeting Wednesday, the board overrode a staff recommendation of a 7.3% rate increase for homeowners’ policies. Florida law had limited Citizens’ rate hikes to no more than 10% per year but the Legislature changed that earlier this year to allow incrementally higher rates until overall increases reach 15% in 2026.
