Citizens Property Insurance Corp. fee will increase will take impact Tuesday, as hundreds of householders per week proceed turning to the state-backed insurer for protection.
The will increase, which apply to what are generally known as “personal lines” insurance policies, have been permitted by the Florida Office of Insurance Regulation in June.
They embody a median 6.4 percent increase for owners with “multi-peril” insurance policies — by far the most-common kind of coverage.
Customers with different kinds of insurance policies will see common will increase starting from 8.4 percent to 11 percent.
Citizens initially requested for bigger fee will increase, however the Office of Insurance Regulation scaled again the requests. For instance, Citizens had requested a ten.7 percent increase for multi-peril insurance policies.
The will increase come as Citizens, which was created because the state’s insurer of final resort, experiences huge development amid turmoil within the non-public insurance market. As of Friday, Citizens had 1,098,762 insurance policies.
As a comparability, it had 521,289 insurance policies on Oct. 31, 2020, and 725,942 insurance policies on Oct. 31, 2021.