The Florida Office of Insurance Regulation will hold a hearing June 8 on a proposal by the state-backed Citizens Property Insurance Corp. that would lead to double-digit rate increases for homeowners.
The Citizens Board of Governors approved the proposal in March, but regulators need to sign off on rate changes. Rate increases would vary by types of policy, but Citizens said in March that the hikes would average 14.2% this year.
For example, Citizens wants approval to raise rates on primary-residence, multi-peril policies — the most common type of homeowners’ coverage — by 12%, effective Nov. 1. Citizens, which was created as an insurer of last resort, has seen massive growth during the past two years as private insurers have dropped customers and raised rates because of financial problems.
Citizens had 1.3 million policies as of Friday. The hearing is scheduled for 3 p.m. on June 8 in the Capitol’s Knott Building, according to a notice published Wednesday in the Florida Administrative Register.