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Florida insurance regulators scale down Citizens Insurance rate hike request

19% of Citizens' policyholders in Palm Beach County seeing rate decrease

WPTV

Citizens Property Insurance Corporation

By: Matt Sczesny

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TALLAHASSEE, Fla. — Florida's Office of Insurance Regulation has formally filed an order turning back a 14% rate hike request by Citizens Insurance.

However, some policyholders will still have their rates increase, just not as high.

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According to the order, Citizens' primary personal residential policies will have an average premium increase of 8.6%.

On Wednesday, Florida Gov. Ron DeSantis announced lower premium approvals in South Florida, with 19% of Citizens' policyholders in Palm Beach County seeing a rate decrease; 52% in Broward County and 73% in Miami-Dade County.

"We want people to pay less, obviously we do, but it's justifiable to say those rates should go down," DeSantis said Wednesday at FIU,

The governor cited stability in Florida's insurance market.

DeSantis credited litigation reforms, which he said have brought new insurers to the state and helped reduce Citizens policy numbers.

The new Citizens rates take effect June 1.

Read the full order from the Florida Office of Insurance Regulation:

Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.