Florida's Citizens Property Insurance eyes rate hike

TAMPA, Fla. (WFLA) — Florida's so-called insurer of last resort, Citizens Property Insurance, will be the focus of a Florida Office of Insurance Regulation meeting Thursday.

In March, the Citizens Board of Governors approved a proposal that would lead to double-digit rate increases for homeowners. However, regulators will need to sign off on the rate change.

The company is looking to increase rates by a statewide average of 14.2% for all personal lines policies, including homeowners, condominium unit owners, dwellings, renters and mobile homes.

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%

During Thursday's meeting, the Florida Office of Insurance Regulation will hear testimony from the Citizens Property Insurance Corporation and receive public comment on their proposed rate filings.

The meeting is being held in Tallahassee at 3 p.m. However, the public can visit the Florida Office of Insurance Regulation's website to register and participate virtually in the meeting.