Citizens Insurance Rate Changes: What Homeowners Need to Know

TAMPA, Fla. — Following recent announcements from Governor Ron DeSantis regarding significant rate decreases for Citizens Property Insurance policyholders in South Florida, insurance experts warn that these reductions may lead to increased rates in other regions of the state. Specifically, homeowners in the Tampa Bay area can expect substantial rate hikes, as outlined in a county-by-county breakdown provided by Citizens Property Insurance.

Expected Rate Increases by County

The anticipated increases in Citizens insurance rates across the Tampa Bay region are as follows:

• Hernando County: 13.1% increase
• Hillsborough County: 13% increase
• Pasco County: 13% increase
• Pinellas County: 12% increase
• Polk County: 12.3% increase

Impact of Inflation and Property Age

Jake Holehouse from HH Insurance Group highlighted that these average increases might not reflect the actual hikes some homeowners may face. Factors such as inflation, the automatic adjustment of coverages, and the age of the home can lead to even higher rate increases.

"I think on average, if you’re looking at something like Pinellas County and Hillsborough County, you’re looking in the 18 to 20% range of a rate increase coming from Citizens next year," Holehouse stated.

Voices from the Community

Margaret Bowles, a homeowner in Dana Shores who experienced flooding during Hurricane Helene, expressed her concerns regarding the financial burden of increased insurance rates.

"It forces me to have to pass that increase onto the tenants," Bowles lamented. "Have some mercy on folks. Because even insurance doesn’t make you whole."

More Options for Homeowners

Although these rate hikes may be discouraging, there is a silver lining. Homeowners now have more options available compared to last year.

"A few years ago, you might have had five options for quotes in Pinellas County, with Citizens being the cheapest. Now, there are 20 to 25 options available, and Citizens is often in the middle of the pricing spectrum," Holehouse explained.

Conclusion: Preparing for Changes

As Citizens Property Insurance implements these changes, homeowners in affected areas should prepare for potential increases in their insurance costs. It may be worthwhile for homeowners to explore the variety of insurance options now available in the market.

For an in-depth look at the rate increases by county, click here to view the complete Citizens insurance rate document.

Stay Informed

To stay updated on insurance rates and other relevant issues affecting Florida homeowners, consider following local news outlets and insurance blogs. By informing yourself, you can make better decisions regarding your insurance needs.

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