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ANOTHER HIKE: When Citizens customers may see their rates go up

Citizens currently has about 1.2 million policies in Florida
Citizens Property Insurance
Posted at 9:28 AM, Jun 19, 2024

WEST PALM BEACH, Fla. — Citizens Insurance, Florida’s insurer of last resort and the largest insurer in the state, is seeking a rate hike of 14% on personal homeowners policies.

The information was revealed at a Citizens Board of Governors meeting Wednesday morning.

The new rate request would take effect on Jan. 1, 2025.

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Citizens has been involved in trying to move more policies off their books with "take out" offers from private companies.

Currently Citizens has approximately 1.2 million policies.

Those take out offers are mandatory if the private company offer is within 20% of the current Citizens rate. The request needs approval from the Board of Governors and the Office of Insurance Regulation.

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