Citizens property insurance—Florida’s state-backed, insurer of last resort—is looking to raise its rates. Its board is set to vote on the premium hike Wednesday.
On average, policy holders will see a 6.8 percent increase in rates. The biggest hit will come to Panhandle policy holders in Gulf and Walton counties—they’ll see a 9.4 percent jump on average.
The Citizens board says it needs higher premiums to keep pace with water claims. Citizens and other insurers argue they can’t keep up with the rising number and cost of those cases. In addition to raising rates, Citizens is requiring policy holders give its representatives 72 hours to inspect damage before beginning repairs.
