Citizens Property Insurance

The drop coincided with eight private insurers last week being able to assume Citizens policies under what is known as a “depopulation” program.

Insurance companies are refusing to pay out for storm-damaged homes and even canceling policies.

The average premium will increase by 6.6% for most homeowners across the state, while Gov. Ron DeSantis says residents in Miami-Dade and Broward counties will see a decrease.

At a state Senate Banking and Insurance Committee meeting, the Office of Insurance Regulation director said regulators are still making a decision.

Lawmakers in 2022 and 2023 passed a series of measures aimed at stabilizing the state’s insurance market as insurance companies fled the state and policyholders saw premiums skyrocket.

State insurance officials have issued orders to protect policyholders impacted by Hurricanes Helene and Milton

Citizens Property Insurance Corporation says it's strong financially, can handle hurricane claims

The home insurance market in every other state seems to be headed down the road that Florida has paved. We dove into this issue through a partnership with NPR station WWNO in New Orleans for their podcast, "Sea Change."

Citizens Property Insurance policies continue to be significantly underpriced compared to private carriers, the company told state regulators. The insurer of last resort in Florida isn't meant to be competitive. But if it were, its average premium for regular homeowner's insurance would have to almost double.

Among the new laws that went into effect July 1, includes a bill that will make changes to Citizens Property Insurance, also known as Florida’s insurer of last resort.

Across all personal lines of insurance — a category that includes policies for homeowners, condominium-unit owners, renters and mobile homes — the average increase would be 14 percent.

With the 2024 hurricane season starting June 1, the state's Citizens Property Insurance Corp. Board of Governors on Tuesday approved spending as much as $750 million on backup coverage to help pay claims if a big storm hits.