Insurance regulators will hold a hearing on Thursday about a proposal to increase citizen's insurance rates across Florida that could see a double-digit increase in 2025.
You may have to start setting money aside as you may see a near 13.5 percent increase on your citizen's insurance.
On Thursday, the Florida Office of Insurance Regulation will hold a meeting to discuss this potential rate adjustment.
The proposed increase comes from the Citizens Property Insurance Corporation, which has recently advocated for higher rates.
Last month, the Citizens Board of Governors approved this proposal, signaling a major shift in costs for policyholders.
Under the proposed rate hike, those with condo insurance could face an average increase of 14.2 percent. For all personal lines of insurance—including homeowners, renters, mobile homes, and condo unit owners—the average rate increase would be 14 percent.
The public hearing on this matter is scheduled for 1 p.m. on Thursday. This meeting will provide an opportunity for further discussion and review of the proposed rate adjustments.
The meeting will be available to stream online, according to a notice published Monday in the Florida Administrative Register.
You can count on NBC2 for updates if you’re a policyholder affected by these changes.
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