Citizens Insurance

Lawmakers in 2022 and 2023 passed a series of measures aimed at stabilizing the state’s insurance market as insurance companies fled the state and policyholders saw premiums skyrocket.

Nationwide, property insurance premiums rose 34% between 2017 and 2023, and they continued to rise in 2024 across much of the country. Why is this happening? One common thread: Climate change is fueling more severe weather, and insurers are responding to rising damage claims.

Citizens Property Insurance policies continue to be significantly underpriced compared to private carriers, the company told state regulators. The insurer of last resort in Florida isn't meant to be competitive. But if it were, its average premium for regular homeowner's insurance would have to almost double.

State leaders have been working to lower the number of policies at Citizens through the depopulation process because of the financial risk if Florida gets hit by a major hurricane.

While saying Florida’s insurance market is improving, the Citizens Property Insurance Corp. Board of Governors on Wednesday backed a proposal that would lead to customers across the state seeing double-digit rate increases in 2025.

With the 2024 hurricane season starting June 1, the state's Citizens Property Insurance Corp. Board of Governors has approved spending as much as $750 million on backup coverage to help pay claims if a big storm hits.

Pointing to increased home values and difficulties finding property insurance, a Florida Senate committee Tuesday approved a bill that would allow residents with homes valued at more than $700,000 to get coverage from the state’s Citizens Property Insurance Corp.

Florida taxpayer-owned Citizens Insurance is using unlicensed inspectors in a little-known program that is ramping up inspections, WLRN found. Homeowners and industry insiders say the move is alarming.

A key senator said he does not expect lawmakers to make major property-insurance changes during the 2024 legislative session, as they continue to watch the results of an overhaul passed last year.

Florida Insurance Commissioner is taking issue with parts of a Citizens proposal that would increase rates by 12% for homeowners with the most-common type of policies.

Florida leaders have long sought to shift policies from Citizens into the private market, in part because of financial risks if the state gets hit by a major hurricane or multiple hurricanes.

As Citizens Property Insurance Corp. waits for a decision on a plan that would lead to double-digit rate increases for customers, the state-backed insurer remains on a path to grow to 1.7 million policies by the end of the year