TALLAHASSEE, Fla. – The 52 backstage security companies penning policies successful Florida mislaid a full of $847 cardinal done the extremity of September, causing them to rise rates by 50% oregon more.

That’s forcing homeowners into Citizens Property Insurance, the state’s insurer of past resort. But if the authorities approves, those already successful Citizens volition besides spot double-digit complaint hikes.

With a Monday vote, Citizens moved guardant with crossed the committee complaint hikes of 11% for anyone who renews aft Aug. 1, 2022. Citizens would past rise rates 12% crossed the committee for renewals aft Jan. 1, 2023.

“The backstage carriers are non-renewing policies crossed the state. They are raising rates, precocious rates,” said Michael Peltier, a Citizens spokesperson.

Peltier told america lawsuits are driving the increases.

“Florida represents astir 8% of the spot security marketplace crossed the country. However, astatine this time, we correspond astir 76% of each lawsuits relating to spot insurance,” said Peltier.

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Even with the hikes, Citizens’ ain survey shows it’s the cheapest alternate 97% of the time.

Legislative changes earlier this twelvemonth necessitate a homeowner to judge a backstage insurer arsenic agelong arsenic it is nary much than 20% higher than Citizens’ rates.

But adjacent with the caller criteria, Citizens’ policies are mushrooming.

“Since January, Citizens’ argumentation number has risen astir 38%,” said Peltier.

Under the authorities passed earlier this year, complaint hikes tin turn 1% a year, up to 15% crossed the committee successful 2026.

“Trying to bash what they tin to bring Citizens rates much successful enactment with what the backstage marketplace charges,” said Peltier.

And the 11% and 12% hikes approved by the Citizens committee for adjacent twelvemonth and the twelvemonth aft indispensable inactive get the OK from the state’s Office of Insurance Regulation.

Lawmakers are expected to marque tweaks to security regulations erstwhile they conscionable successful January, but immoderate changes could apt instrumentality a twelvemonth oregon 2 earlier consumers spot immoderate alleviation from rising costs.

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