{"id":59716,"date":"2024-06-19T16:37:13","date_gmt":"2024-06-19T20:37:13","guid":{"rendered":"https:\/\/thelehighacresgazette.com\/news\/?p=59716"},"modified":"2024-06-19T16:37:16","modified_gmt":"2024-06-19T20:37:16","slug":"citizens-property-insurance-sent-a-request-for-a-14-rate-hike-to-state-regulators","status":"publish","type":"post","link":"https:\/\/thelehighacresgazette.com\/news\/2024\/06\/citizens-property-insurance-sent-a-request-for-a-14-rate-hike-to-state-regulators\/","title":{"rendered":"Citizens Property Insurance sent a request for a 14% rate hike to state regulators"},"content":{"rendered":"\n<p>The Citizens Property Insurance Corporation, Florida\u2019s largest property insurance provider, approved recommendations for an average 14% rate hike on personal property owner policies on Wednesday.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><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\" style=\"width:322px;height:auto\"\/><\/figure><\/div>\n\n\n<p>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.<\/p>\n\n\n\n<p>During the meeting, the board emphasized the need for market competition in order to help drive down rates in the future.<\/p>\n\n\n\n<p>It also pointed to the legislative successes that have come out of Florida in recent years, highlighting how property insurance reform is helping.<\/p>\n\n\n\n<p>Gov. Ron DeSantis pointed to reforms in reaction to the news&nbsp;on Wednesday, along with highlighting how inflation has skyrocketed under President Joe Biden, saying its one big factor playing a role in costs.<\/p>\n\n\n\n<p>Specifically, it highlighted&nbsp;<a href=\"https:\/\/www.flsenate.gov\/Session\/Bill\/2022A\/2A\">SB 2A<\/a>&nbsp;from 2022, sponsored by Sen. Jim Boyd, R-Bradenton. The bill protects property owners while also attempting to help give providers more leeway.<\/p>\n\n\n\n<p>Boyd has played a large role in much of the state\u2019s efforts to solve Florida\u2019s property insurance crisis.<\/p>\n\n\n\n<p>\u201cThe property insurance reform, coupled with tort reform, is going to make a massive difference in homeowners\u2019 premium costs over the foreseeable future,\u201d he said during an interview on Florida\u2019s Voice with Brendon Leslie.<\/p>\n\n\n\n<p>\u201cThe reality is that most people haven\u2019t 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,\u201d he added.<\/p>\n\n\n\n<p>Citizens Insurance has roughly 1.2 million policies currently in the state.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Citizens Property Insurance Corporation, Florida\u2019s largest property insurance provider, approved recommendations for an average 14% rate hike on personal property owner policies on Wednesday. The board of governors voted&hellip; <\/p>\n","protected":false},"author":8,"featured_media":54703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32],"tags":[2718],"_links":{"self":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/59716"}],"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=59716"}],"version-history":[{"count":1,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/59716\/revisions"}],"predecessor-version":[{"id":59717,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/59716\/revisions\/59717"}],"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=59716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/categories?post=59716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/tags?post=59716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}