Citizens Insurance may increase rates by about 14% in statewide hike

TAMPA, Fla. (WFLA) — Homeowners who have Citizens Insurance will likely be paying more starting this fall.

On Wednesday, board members will consider recommended rates for 2023 that call for a statewide average increase of 14.2% for all personal lines policies, including homeowners, condominium unit owners, dwellings, renters and mobile homes, according to the company.

Here is a breakdown of price increases policyholders in the Tampa Bay area could see.

Citrus: up by 15.3%

Hernando: up by 13.3%

Hillsborough: up by 12.2%

Manatee: up by 13.7%

Pasco: up by 12.5%

Pinellas: up by 12.5%

Sarasota: up by 14.4%

Sumter: up by 14.2%

The company said individual premiums may increase by more than 14.2% because of "higher replacement costs due to inflation in the construction market."

If the rate hike is approved by the Office of Insurance Regulation, the rates would go into effect for new and renewal policies after Nov. 1.