SOUTHWEST FLORIDA – Florida’s state-run insurance, Citizens Property Insurance Corporation, approved a 2023 rate that reflects the impacts of reinsurance costs, litigation, and recent legislative reforms.
Board members recommended rates call for a statewide average increase of 14.2% for all personal lines policies such as homeowners, condominium units, dwellings, renters and mobile homes.
If approved by the Office of Insurance Regulation, the 2023 rates would go into effect for new and renewal personal residential policies beginning November 1.
Homeowner policy rates could increase by an average of 13.9%. Condo owners may see an average 14.6% increase.
SIMILAR COVERAGE: More rising home insurance rates will be coming for Florida customers
Almost 25,000 people in Southwest Florida have this insurance.
Individual premiums may increase by more than that because of higher replacement costs due to inflation in the construction market.
“The Legislature has given us a directive and some valuable tools to return Citizens to its role as the state’s insurer of last resort,” said Citizens Chairman Carlos Beruff. “These proposed rates are a step in that direction.”
Citizens Rate Hike
Glades County 17.8%
Charlotte County: 16.4%
Collier County: 15.9%
Lee County: 15.3%
Hendry County 13%
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