Citizens, Florida’s largest home insurer, seeks double-digit rate hikes statewide

With the state-backed Citizens Property Insurance Corp. continuing to see massive growth, regulators late last week took up a proposal that would lead to double-digit rate increases for Citizens customers across Florida. The proposed increases would vary based on factors such as types of policies. But Brian Donovan, the chief actuary for Citizens, said during a hearing held by the Florida Office of Insurance Regulation that Citizens is recommending 12% increases for all homes that are primary residences and have what are known as multiperil policies — the most-common type of coverage. Increases could be dramatically higher for homes that are not primary residences. A new state law allows increases up to 50% for those properties.