Citizens releases 2025 rate media kit

The Citizens Property Insurance Corporation Board of Governors is considering a 2025 rate package influenced by recent legislative reforms, reinsurance costs, and the need to charge actuarially sound rates.

The proposed rates for 2025 include a statewide average increase of 14% for all Personal Lines policies, covering homeowners, condominium unit owners, dwellings, renters, and mobile homes. Specifically, homeowner multiperil (HO-3) policy rates would rise by an average of 13.5%, and condominium owners would see an average 14.2% increase. If approved by the Office of Insurance Regulation (OIR), these rates will take effect for renewals after January 1, 2025.

Legislation passed in December 2022 (SB 2-A) has significantly impacted Citizens’ rate needs, reducing the uncapped rate need for 2025 HO-3/HW-2 policies by 38%.

By law, Citizens must charge actuarially sound rates that are not competitive with the private market, following the statutory glide path. This path caps individual rate increases at 14% in 2025 for primary residences, excluding coverage changes and surcharges. Nonprimary residences can see rate increases up to 50%, also excluding coverage changes and surcharges.

An analysis found Citizens’ premiums are still below most private insurance rates in the state, which influenced the proposed rate recommendations.

If the Board approves, the recommendations will be submitted to the OIR for review and a public hearing before finalizing Citizens’ 2025 rates.

Citizens has prepared a 2025 rate kit for the media, including county-by-county estimates for specific policies and frequently asked questions.