Citizens Insurance Asking For Rate Hike

MIAMI (CBSMiami.com) – Homeowners hoping to continue to keep their homeowners insurance costs down may be out of luck. Citizens Property Insurance is asking to raise rates by a statewide average of 25 percent.

Most of the rate hike is coming from a proposed rate hike for sinkhole coverage, according to the South Florida Sun-Sentinel. Still, the Office of Insurance regulation may require Citizens to offset the hikes with savings coming from new laws designed to lower sinkhole claims.

In South Florida, the average rate hike is expected to be around 13 percent, according to the Sun-Sentinel. The Tampa-St. Petersburg area will likely be hit the hardest where average rates could skyrocket.

A proposed increase for renters and condo unit owners' multi-peril policies are 4 percent and 9 percent, according to the Sun-Sentinel.