HILLSBOROUGH COUNTY, Fla. (WFLA) — Citizens Insurance customers might not see a double-digit rate hike after all. State regulators are telling Citizens Property Insurance to come up with another plan after it proposed a 12% increase.
Citizens Property Insurance Corporation is currently the state’s number one home insurer, with more than 1 million policies.
Many people have already been struggling to make ends meet with their current rate. So this 12% increase could put a majority of people in an even tougher situation.
The proposed rate hike was supposed to take effect in December.
Citizens is the state-backed insurance provider.
Its policyholders have grown rapidly over the past few years due to private insurers leaving the state or raising rates.
A Citizens’ policy is usually cheaper than a private company.
On Friday, the state’s insurance commissioner ordered Citizens Property Insurance Corporation to cut down the proposed rate increase.
We’ll find out within a month what changes a majority of the state’s homeowners could see.
