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As inflation drives up construction costs and property values, Citizens Property Insurance Corp. has started canceling the policies of some homeowners across Florida because the estimated price of ...
The change requires homeowners to accept private insurers’ offers of coverage if they’re within 20% of the cost of Citizens premiums. Florida officials want to move Citizens policies into the ...
Of the $165 billion in natural disaster–caused damage the U.S. experienced in 2022, $116 billion of it was in Florida. Average annual home insurance premiums are triple the national average ...
The proposal, in part, would lead to an average 13.5 percent rate increase for the most-common type of Citizens policy, known as homeowners’ “multi-peril” coverage. Condominium-unit owners ...
Citizens had over 1.2 million policies in force as of June, according to data from the Florida Office of Insurance Regulation (FLOIR), up from roughly 1.14 million policies at the end of 2022.
Florida Peninsula began writing home insurance in Florida in April 2005. It sells property coverage exclusively, insuring nearly 150,000 properties throughout the state through a network of 2,500 ...
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