{"id":1186,"date":"2017-12-29T16:45:07","date_gmt":"2017-12-29T16:45:07","guid":{"rendered":"https:\/\/www.homeinsuranceking.com\/blog\/?p=1186"},"modified":"2017-12-29T16:45:22","modified_gmt":"2017-12-29T16:45:22","slug":"citizen-expected-increase-florida-homeowners-insurance-rates","status":"publish","type":"post","link":"https:\/\/www.gethomeinsurancequotes.com\/blog\/citizen-expected-increase-florida-homeowners-insurance-rates\/","title":{"rendered":"Citizen Expected to Increase Florida Homeowners Insurance Rates"},"content":{"rendered":"
\"Citizens

Citizens Increasing Home Insurance Rates<\/p><\/div>\n

Residents of the Sunshine state who use the state created insurance company Citizen Property Insurance to insure their property will be seeing on average a 6.6 percent increase in their multi-peril coverage next year. In some areas, the increase could be much higher.<\/p>\n

The rate increase has been pushed back three months to May 1st<\/sup> due to the damages caused Hurricane Irma. The rate increase request was supposed to be reviewed and approved in September but was delayed due to the damage that was caused by the first major hurricane to hit Florida<\/a> since 2005.<\/p>\n

Rates changes will vary by the area that your property is located but will average 6.6 percent across the state. Some areas may receive a rate decrease while the more populated areas, such as Palm Beach<\/a>, Broward<\/a> and Miami-Dade<\/a> may see increases of 10 percent or more.<\/p>\n

Residents of the Monroe County<\/a> in the Florida Keys won\u2019t see any increases despite being the area that was hardest hit by Irma. Instead, insurance regulators have directed Citizens to analyze the lessons learned from this particular storm and the damage it caused.<\/p>\n

In a press release, Chris Gardner, chairman of Citizens’ board of governors explained the rising rates, “The Office of Insurance Regulation’s 2018 rate order balances the needs of policyholders facing challenges from Irma with its responsibility to maintain a healthy property insurance market.”<\/p>\n

Citizens is an insurance company that was created by Florida state legislators in order to provide an insurer of last resort for Floridians that cannot get a policy from a private insurance company which is often the case for homeowners who live on the coast or in South Florida.<\/p>\n

Citizens has blamed the increases on excessive claims, assignment of benefits fraud and the resulting lawsuits. Citizens executives have warned of yearly increases in the 10 percent range if legislators do not address the insurance fraud that is currently plaguing Florida.<\/p>\n

A Few Details<\/strong><\/p>\n

As of September 30th<\/sup>, Citizens had 452,394 policies in force across the state of Florida. Here are a few details on how the new rates will affect different types of homeowners:<\/p>\n