Every county has at least one home covered by Fla.-owned Citizens Property Ins. An average 3.7% increase is as high as 7.6% in one – but a 0.6% drop in Miami-Dade.
TALLAHASSEE, Fla. – Citizens Property Insurance Corp.’s Board of Governors on Wednesday will be asked to approve a 2021 rate package recommendation that reflects the impacts of reinsurance costs, litigation and nonweather related water losses.
At the meeting, board members will consider a statewide average increase of 3.7% for personal lines’ policyholders – homeowners, condominium unit owners, mobile homeowners, dwelling and renters. If approved by the Office of Insurance Regulation (OIR), the 2021 rates would go into effect for new and renewal policies after Aug. 1, 2021.
However, the actual increase – and in two cases, average decreases – varies by Florida county. For Multiperil HO3 coverage, Duval County’s recommendation tops the list, calling for an average 8.3% increase. At the other end of the spectrum, recommended rates would decrease in Miami-Dade (down 0.6%) and Gulf counties (down 4.6%).
By law, Citizens must recommend actuarially sound rates, and also comply with a legislative glide path that caps individual rate increases at 10%, excluding coverage changes and surcharges.
If approved by Citizen’s board, the recommendations will be submitted to the Florida Office of Insurance Regulation.
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