According to Insurance Journal, Citizens Property Insurance, the state’s largest homeowners’ insurer needs to increase rates 54.9%, according to actuarial indications. It will raise them 10.2%, the state’s maximum.
In other words, Florida’s homeowners can buy $1.55 in insurance for $1.10. So say a little prayer for the state this month, as hurricane season ramps up. Because if the Big One hits, Citizens will have some real headaches both this year and in the future.