Citizens Property Insurance Corp. is set to increase rates for most policyholders in Florida, despite recent statements from Gov. Ron DeSantis (pictured) suggesting that the insurer would implement statewide premium decreases averaging 5.6%.
According to an order issued by Florida Insurance Commissioner Mike Yaworsky, Citizens will raise rates for its multiperil home program by an average of 6.6% and for its wind-only program by 14.5%.
Across all personal residential policies, Citizens’ rates will rise by an average of 8%. Non-primary personal residential policies will see a steeper average increase of 17%. The combined estimated rate increase for all Citizens policies is 8.6%, according to the order.
In a previous statement, DeSantis said that Citizens would be implementing premium reductions, specifically citing that “three-quarters of Miami-Dade” would see lower rates along with a “statewide decrease averaging 5.6%.”
However, the Florida Office of Insurance Regulation clarified that only 20% of Citizens policyholders will see lower rates this year, with an average reduction of 5.6% among that segment. The remaining 80% of policyholders will experience an average rate increase of 8.6%, according to Shiloh Elliott, press secretary for the Florida Office of Insurance Regulation.
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