{"id":54702,"date":"2022-09-02T17:56:23","date_gmt":"2022-09-02T21:56:23","guid":{"rendered":"https:\/\/thelehighacresgazette.com\/news\/?p=54702"},"modified":"2022-09-02T17:56:29","modified_gmt":"2022-09-02T21:56:29","slug":"rate-hikes-are-now-in-effect-for-thousands-of-citizens-property-insurance-customers-in-florida","status":"publish","type":"post","link":"https:\/\/thelehighacresgazette.com\/news\/2022\/09\/rate-hikes-are-now-in-effect-for-thousands-of-citizens-property-insurance-customers-in-florida\/","title":{"rendered":"Rate hikes are now in effect for thousands of Citizens Property Insurance customers in Florida"},"content":{"rendered":"\n<p>It&#8217;s been known as the last resort property insurer for Floridians.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"700\" height=\"400\" src=\"https:\/\/thelehighacresgazette.com\/news\/wp-content\/uploads\/2022\/09\/citizens-prop-1.webp\" alt=\"\" class=\"wp-image-54703\"\/><\/figure>\n\n\n\n<p>But lately, Citizens Property Insurance Corporation may be the only option for insurance in some zip codes, and their rate increases started Thursday.<\/p>\n\n\n\n<p>Florida homeowners insured by Citizens Property Insurance are facing an average rate hike of 6.4%, which is now in effect for thousands of homeowners.<\/p>\n\n\n\n<p>The increase comes as the state-run insurer proposed rate hikes over the next several years.<\/p>\n\n\n\n<p>Citizens Property Insurance Corporation has now topped 1 million policies in Florida. In the last year, it&#8217;s been writing an average of 32,000 new policies a month.<\/p>\n\n\n\n<p>The company urged the Office of Insurance Regulation to approve rate hikes in order to strengthen its financial position.<\/p>\n\n\n\n<p>When it&#8217;s time to renew, policyholders will see an increase and new policyholders will face higher rates. The rates increased from 6.4% to 10.7%, depending on the time of coverage.<\/p>\n\n\n\n<p>Citizens Insurance was also approved to continue increasing rates by 1% annually until it reaches the cap at 15% in 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It&#8217;s been known as the last resort property insurer for Floridians. But lately, Citizens Property Insurance Corporation may be the only option for insurance in some zip codes, and their&hellip; <\/p>\n","protected":false},"author":8,"featured_media":54703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57,32],"tags":[1595],"_links":{"self":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/54702"}],"collection":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/comments?post=54702"}],"version-history":[{"count":1,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/54702\/revisions"}],"predecessor-version":[{"id":54704,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/54702\/revisions\/54704"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media\/54703"}],"wp:attachment":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media?parent=54702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/categories?post=54702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/tags?post=54702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}