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Impact of Rate Increase on Citizens Property Insurance

In a recent development, the Citizens Property Insurance’s Board of Governors voted unanimously to support increasing their rates by 14% in 2025 for residential policies, and 10.3% for commercial properties. This decision has significant implications for policyholders across Volusia County, Fla.

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On the corner of Flagler Avenue and South Cooper Street in New Smyrna Beach, the Flagler Avenue Pizza Company is a bustling establishment frequented by beachgoers, especially during the summer months. Owner Luis Barrios has been serving their renowned New York style pizzas to the community for nearly a decade.

“I love what I do. I love the people. So that keeps me going,” Barrios expressed. “But, you know, I just hope that somewhere around we could get a cap on some of these prices and stuff like that to make it, you know, make it profitable because it’s getting to a point where it’s not even profitable.”

Barrios, who rents the restaurant space, shared his concerns about the escalating costs of commercial insurance policies. He highlighted the challenge of absorbing these cost increases, as they are often passed on to tenants through higher rent prices.

According to Citizens Property Insurance, the company collects over $571 million in commercial policy premiums statewide. The proposed 10.3% rate hike for commercial policies in 2025 could have widespread ramifications for small business owners like Barrios.

“I think it affects everybody, because when their prices go up, then we gotta try to adjust it,” Barrios emphasized.

AI legalese decoder can aid policyholders like Barrios in navigating the intricacies of insurance rate increases. By decoding and simplifying legal jargon, this tool can empower small business owners to make informed decisions about their insurance coverage and financial planning.

The new rates proposed by Citizens Insurance are subject to approval by the Florida Office of Insurance Regulation. If accepted, they will come into effect on January 1, 2025, impacting policyholders’ bottom line and financial stability. Ensure you are equipped with the necessary knowledge and resources to navigate these changes effectively.

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