Make us your home page
Instagram

Citizens premiums will rise 6.3 percent next year

TALLAHASSEE — Homeowners who have policies with Citizens Property Insurance Corp. will see their premiums rise an average of 6.3 percent next year, the fifth consecutive increase in rates from the state-run insurer.

The average premium increase approved Monday by the Florida Office of Insurance Regulation comes on the heels of a 10.8 percent hike approved last year, but is less than the 7.9 percent sought by Citizens as part of its aggressive attempt to shed policies.

Homeowners with standard "multi-peril" lines will pay an additional $111 on average when their policy renews next year. Those with wind-only residential policies will pay an average increase of $265 more, or 10.5 percent, and businesses with commercial lines coverage will see a 10 percent hike.

Since 2009, standard Citizens homeowners policies have increased 43 percent. Officials say the company's rates remain below the private market.

"We are grateful to OIR for its diligence in reviewing Citizens' 2014 rates and pleased that it has agreed with our overall approach," Citizens president and CEO Barry Gilway said in a statement. "The agency's action will allow Citizens to continue providing quality service to our 1.2 million policyholders while reducing the risk of assessments on all Floridians."

The rate increase, which is effective Jan. 1, will apply to fewer homeowners than in the past if 10 private insurance companies succeed in taking over nearly 400,000 policies from Citizens in the next month.

Under the "takeout" program, companies send letters to homeowners offering a private market alternative to Citizens. Homeowners have 30 days to opt out before they are automatically shifted to the private companies.

The takeout program, coupled with the decision by regulators to routinely raise rates, is part of an aggressive push by Gov. Rick Scott and the Florida Legislature to make the company less attractive to homeowners.

Citizens is the largest property insurance carrier in the state with 1.2 million policies.

Beginning in January, Citizens will also launch a new program to push homeowners with standard "multi-peril" homeowners policies into private carriers if they receive an offer from a private company. Agents, working on behalf of consumers, will be able to comparison shop for the best rates to offer people through a clearinghouse run by Citizens.

Citizens premiums will rise 6.3 percent next year 09/09/13 [Last modified: Monday, September 9, 2013 10:43pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Nearly 1 in 4 Tampa Bay homeowners considered equity rich

    Real Estate

    If your home is worth at least 50 percent more than you owe, you're rich — equity rich that is.

    About one in four Tampa Bay homeowners are considered "equity rich." [Associated Press file photo]
  2. The FHP trooper behind quota on speeding tickets will retire Sept. 5

    State Roundup

    TALLAHASSEE — A Florida Highway Patrol official's call for troopers to meet ticket quotas has cost him his job.

    Major Mark D. Welch, Troop Commander of Troop H, wrote an email asking his employees that he wants them to write two citations each hour. "This is not a quota," he wrote. His resignation is effective Sept. 5. [Florida Highway Patrol]
  3. Trump shuts down CEO advisory councils as main group acts to disband

    Business

    President Donald Trump's main council of top corporate leaders disbanded on Wednesday following the president's controversial remarks in which he equated white nationalist hate groups with the protesters opposing them. Soon after, the president announced on Twitter that he would end his executive councils, "rather than …

    President Donald Trump meets with Merck's chief executive, Kenneth Frazier, second from left, and other leaders of the pharmaceutical industry in the Roosevelt Room of the White House last January. On Wednesday, Trump's main council of top corporate leaders disbanded following the president's controversial remarks in which he equated white nationalist hate groups with the protesters opposing them.
[New York Times file photo]
  4. A long-awaited vision for Tampa's Westshore Marina District

    Real Estate

    TAMPA —Eleven years after plans to develop a waterfront tract on the Tampa side of the Gandy Bridge were first announced, a new rendering gives a hint of what Westshore Marina District ultimately will look like.

    Rendering of Marina Pointe, a condo project overlooking Tampa Bay as part of the Westshore Marina District. [Courtesy of Masterfile Corp.}
  5. Buddy Brew Coffee to open downtown Tampa location

    Business

    TAMPA — Buddy Brew Coffee plans to open a new location in downtown Tampa at Park Tower in early 2018. The specialty coffee craft roaster, which was founded in 2010, has five other locations throughout Tampa including the Oxford Exchange, Sarasota, Hyde Park Village and Terminal F inside the Tampa International …

    A cappuccino is displayed at Buddy Brew in Tampa in January 2017. [CHARLIE KAIJO | Times]