The proposed increase would go into effect at the beginning of 2025, if approved. (iStock )
More bad news is on the horizon for Florida homeowners. On top of insurers pulling out of the state altogether, Florida’s state-created Citizen’s Property Insurance just voted to raise rates by 14% across the state.
The board of governors for the insurance corporation voted unanimously earlier in June. Raising the rates by 14% is dangerously close to the maximum rate increase allowed by the state. Homeowners should be prepared to see their rates rise beginning next year, should the change officially take effect. Currently, this is just a recommended rate increase. The official increase still needs to be approved by the state Office of Insurance Regulation.
“The news today will be about the rate increase,” Scott Thomas, a board member, said at the meeting. “But to me, the real…
