Changes Coming to Citizens Insurance Policies
Last week I attended a meeting with Citizens Insurance management and some agents. We discussed how Citizens is positioning itself to help and serve the Florida Insurance market and the consumer, us.
Here are some points that I thought it would be interesting
Flood Insurance Requirement
- All existing personal residential policies renewing on or after July 1, 2023, that include wind coverage and are located in the special flood hazard area as defined by the National Flood Insurance Program (NFIP), are required to have flood insurance. We are seeing Non-Renewal letter going out to the insureds who do not have Flood Insurance on their property. Once flood insurance is added, the non-renewal will be rescinded and policy will continue.
Premium Increase For Investment Properties
- Investment Properties, 2nd Residences: Citizens Insurance has applied for approval on a major change how they charge the policies. If approved, the investment policies will no longer be subject to glide path rates. This means that Citizens Insurance will be able to charge market rates (or higher) for the investment properties.
Rate Adjustments
- Citizens is requiring recommend rates for 2023 that call for a statewide average increase of 13.1% for all personal lines (Homeowners, Condo, Renters, Dwelling) policies. If approved, the new rates will go in effect by November 1st
Florida Property Insurance market is still not stabilized. The regulatory changes are going to help, probably not very soon though.
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