In June 2024, the Citizens Property Insurance Corporation’s Board of Governors unanimously approved a rate hike proposal for 2025 that could increase home and condo insurance rates by up to 14% for many of its 1.2 million policyholders. The average increase would be 14% for personal line policies, which include homeowners, condo owners, mobile homes, and renters. The most common type of Citizens policy, homeowners’ “multi-peril” coverage, would increase by 13.5%, and condominium unit owners would see an average 14.2% increase. Commercial properties would see a 10.3% increase.
Citizens provides the lowest coverage levels, but many have flocked to them due their low rates. That’s changing. With Citizens increasing premium as other insurance companies lowering their premiums in 2025, it might be the time to considering making a move back to the standard market.
Given David Dunham a call and let us help you determine what’s best for you.
Online – www.daviddunahminsurance.com
Phone – (561) 694-0185