SARASOTA, Fla. (SNN TV) – Many Floridians are facing a potential double-digit spike in their home insurance.
The Herald-Tribune reports the state’s Citizens Property Insurance sent a proposal that would lead to an average 11.5 percent increase for homeowners with the most common type of policies, known as “multi-peril” policies. This is according to information slated to be presented to the Citizens Board of Governors on September 27.
Citizens made the revisions after the Office of Insurance Regulation last month ordered reductions in the rate increases.
The commercial increases would take effect Nov. 29, while the personal-lines rate increases — those affecting individuals — would take effect Dec. 16.
SNN reported previously on Florida’s home insurance market being in crisis. Homeowners have poured into Citizens during the past three years as private insurers have dropped customers and raised rates because of financial problems.