Citizens Property Insurance Corporation’s Board of Governors on Wednesday will be asked to approve a recommendation of a 2023 rate package that reflects the impacts of reinsurance costs, litigation and recent legislative reforms.

Board members will consider recommended rates for 2023 that call for a statewide average increase of 14.2% for all Personal Lines policies – homeowners, condominium unit owners, dwellings, renters and mobile homes. Individual premiums may increase by more than that because of higher replacement costs due to inflation in the construction market.

Citizens is required by law to recommend actuarially sound rates while complying with a legislative glidepath that caps individual rate increases at 12% in 2023 and 13% in 2024 for primary residences, excluding coverage changes and surcharges. Following Legislative reforms passed in December 2022, rate increases for nonprimary residences can increase by up to 50%.

Monroe County is once again facing increases for the Homeowners wind only and Condo Unit wind only policies while they are capped for primary residences the non-primary premium increases could be quite large.

For Monroe County the wind only recommended rate increase is 16.2% for non-primary homes and 26.4% for non-primary condominiums. 

 

Pin It on Pinterest

Share This