Florida Largest Insurer Considering Rate Hikes

Florida’s largest property insurer is considering rate hikes for next year.

The board of Citizens Property Insurance Corp. will vote next week on a range of proposed hikes. The state-created insurer has 1.26 million policyholders.

State law requires Citizens to cap its annual rate hikes. But this rate cap does not apply to sinkhole coverage the insurer offers.

The overall statewide rate hike for all customers will between 6.9 percent and 8.8 percent. The final rate hike must be approved by the state insurance regulators before it takes effect.

The final rate hike for individual policyholders will vary depending on where they live and their type of policy. For example, some homeowners in counties such as Broward, Collier, Miami-Dade, Escambia and Palm Beach could have a 10.7 percent hike.