Florida's state-backed home insurance company to hike rates 14%: 'A whole mess of trouble'

Florida ’s government-backed home insurance company is planning to hike rates by 14% — another blow for more than a millionvoted unanimously on Wednesday to boost rates for next year — this despite the fact that nine private insurers in the state have filed to cut their rates while 10 others have made it known they intend to keep their rates flat for 2025.“Paying because you’re paying for the paradise…of course. I agree. We have to pay a little more…but how much more? Too much.

Homeowners in Miami-Dade County with Citizens policies that cover fire, theft and windstorms would see premiums rise from average of $5,113 to $5,804, In neighboring Pinellas County, which encompasses Clearwater and St. Petersburg, premiums would rise on average from $2,854 to $3,234. While the group of insurers still had collective underwriting losses of $190.8 million, it was much smaller than in past years, when it was almost $1.80 billion in 2022 and $1.52 billion in 2021, S&P Global Market Intelligence said.

Source: News Formal (newsformal.com)

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