Citizens Ordered to Reduce Homeowners Insurance Increases
Citizens, the state-backed insurer that's traditionally a last resort, has grown to more than a million policyholders over the past two years as the largest insurer in Florida for homeowners. Citizens had 1,363,606 policies as of Aug. 11, according to information posted on its website. It had 486,773 policies on July 31, 2020; 661,150 policies on July 31, 2021; and 994,456 policies on July 31, 2022. They have right now about 18% market share in Florida, which is double any private insurer.
The Office of Insurance Regulation ordered the state-backed company to reduce its proposed rate hikes within 30 days. State law limits annual rate increases with a cap at 12% (in 2023) for homes that are primary residences. Citizens originally asked for approval of a 12 percent rate increase for homeowners with the most common type of policies. However, regulators told Citizens Friday to recalculate and reduce their proposed hikes.
You can read the order here :