Florida's Citizens Insurance plans a 14% rate hike on personal homeowners policies in 2025 due to reinsurance costs and litigation.
Florida's Citizens Insurance plans a 14% rate hike on personal homeowners policies starting in 2025, partly due to high reinsurance costs and a rise in litigation. The insurance company's depopulation plan is also working, with the number of policies expected to drop below 1 million by the end of the year. The rate hikes need approval from the Citizens' Board of Governors and the Office of Insurance Regulation.
June 19, 2024
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