The Citizens Property Insurance Corporation, Florida’s largest property insurance provider, approved recommendations for an average 14% rate hike on personal property owner policies on Wednesday.
The board of governors voted unanimously to send the recommendations to state regulators who will then hold a public hearing before finalizing the 2025 rates.
During the meeting, the board emphasized the need for market competition in order to help drive down rates in the future.
It also pointed to the legislative successes that have come out of Florida in recent years, highlighting how property insurance reform is helping.
Gov. Ron DeSantis pointed to reforms in reaction to the news on Wednesday, along with highlighting how inflation has skyrocketed under President Joe Biden, saying its one big factor playing a role in costs.
Specifically, it highlighted SB 2A from 2022, sponsored by Sen. Jim Boyd, R-Bradenton. The bill protects property owners while also attempting to help give providers more leeway.
Boyd has played a large role in much of the state’s efforts to solve Florida’s property insurance crisis.
“The property insurance reform, coupled with tort reform, is going to make a massive difference in homeowners’ premium costs over the foreseeable future,” he said during an interview on Florida’s Voice with Brendon Leslie.
“The reality is that most people haven’t seen it in their rate reductions, or most of it, because it takes a year and a half to 18 months for those changes to filter through the rate making process,” he added.
Citizens Insurance has roughly 1.2 million policies currently in the state.