Citizens’ Board Rejects 8% Rate Hike, Asks for 11%

Right after the Fla.-owned house insurer’s staff announced its recommendation – an eight% ordinary plan price increase – the board rejected it and now wishes a entire eleven%.

TALLAHASSEE, Fla. – With hundreds of new guidelines a 7 days pouring into Citizens Home Insurance plan Corp., the condition-backed insurer’s board on Wednesday authorized searching for eleven% across-the-board price will increase upcoming 12 months.

The Citizens Board of Governors tossed aside a greatly described staff recommendation that, in aspect, named for increasing homeowners’ premiums by an ordinary of 7.3% in 2022, with the hikes various dependent on variables these types of as place.

The eleven% increase would nonetheless need to have acceptance from the Florida Office of Insurance plan Regulation, and it wouldn’t take influence right until August when guidelines begin to renew.

The board also resolved to request an across-the-board hike of twelve% that would take influence for guidelines that

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