SB 76 which was just passed in June raises Citizens’ current 10% cap on annual premium increases by 1% each year over the next five years in order to make its rates more competitive with private insurance coverage.
What is Citizens and why the increase?
Citizens was created by the Florida Legislature in 2002 as a not-for-profit, tax-exempt, government entity to provide property insurance to eligible Florida property owners unable to find insurance coverage in the private market. Essentially they should’ve been the LAST choice for insurance; however as more insurance companies pull out of Florida (and specifically Pinellas County) they’ve become the first choice or only choice for waaaaaaay too many home buyers/owners.
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