1 million Florida homeowners with Citizens face double-digit insurance hikes

The Florida Office of Insurance Regulation will consider approving a double-digit rate increase for Citizens Property Insurance on Thursday afternoon. It would be the second increase this year, as the state-backed insurer of last resort continues to insure a record number of policies now at 1.3 million. This rate increase would average about 14.2%, more than their last increase, but anywhere from 30 to 100% less than policies in the private insurance market. "Citizens was my only option. No one else would touch me.” said St Petersburg Homeowner Inda Stagg. “I moved here in 2018, the insurance had doubled by 2020.”