Looming decision could boost South Florida annual home insurance premiums by $700

Citizens Property Insurance policyholders in South Florida may face an average premium increase of $700 or more next year, pending regulatory approval of a 14% rate hike. This increase aims to address rising costs related to non-weather-related losses, reinsurance, and litigation. If approved, it would continue a trend of 300% premium increases over the past five years. Specific increases vary by county, with Miami-Dade seeing a 13.5% rise for HO-3 policies, while Monroe County faces the highest increase at 16.6%. Other policy types will also see similar hikes.