Citizens Property Insurance Corp to Raise Premiums at least 8.8%

TALLAHASSEE -” Citizens Property Insurance Corp. policyholders could see premium increases averaging at least 8.8 percent beginning in January following a governing board vote Friday that officials say would not significantly reduce the number of policyholders in the state-backed plan.   (this quote is from the News-Press).”

Many people in Tropicana have coverage by Citizens, because the state backed insurance plan is cheaper than private plans.  The increased premiums would be over 30%  if it weren’t for state mandated premium caps.

Although the Citizens premiums are less,, the coverage may be less; for example they may refuse to cover car ports, whereas some private plans will.  They also may not provide enough coverage to replace your dwelling if it burns down or gets blown away.  So if you have Citizens, you should review your coverages.

Note that most policies do not  provide flood insurance, which is available from a federal program (FEMA),  The current Citizen plans do cover for rain and water damage.     PG

Editor’s note:  A Tropicana homeowner told me that he has no insurance on his unit.  He said that the coverage was so poor that he prefers to “self insure” and save the premiums.   PG

3 thoughts on “Citizens Property Insurance Corp to Raise Premiums at least 8.8%

  1. As we have Homeowners on our home up north we were able to add an endorsement for the liability of our Tropicana Home at a minimal annual premium. Our additiional premium for coverage of liability was $13.00 annually. Better to be safe than sorry.

  2. We too, took out a liability policy for a very low price with our home owners insurance up north. Citizens told us that they were going to be canceling a lot of insurance policies because of the age of the homes.

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