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Citizens Property Insurance Board of Directors voted unanimously Wednesday to recommend a rate hike of 14% for its 1.2 million Florida policyholders in 2025.
The proposed 14% increase will impact single-family homes, private condominium units, mobile homes, and rentals as well as commercial properties.
The decision to raise rates is driven by high reinsurance costs and a spike in litigation
The rate hike limit was raised from 10% to 15% due to legislation passed in 2021.
The Florida Office of Insurance Regulation must also approve the 14% increase before it goes into effect on Jan. 1, 2025.