Florida Home Insurance Rates Set to Surge 14%
Florida's state-backed Citizens Property Insurance Corporation plans to increase home insurance rates by 14% next year, affecting over a million residents. This decision comes despite some private insurers cutting or maintaining their rates. The hike, pending regulatory approval, is driven by inflation and frequent severe weather, and aims to move towards actuarially sound rates while remaining lower than most private insurers. The increase will impact primary and secondary homeowners differently, with secondary homes seeing a 50% rise.
