☂️ Citizens Insurance Rate Hike Proposed 📈 Barry & Kim, REALTORS®, Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ Directly Serving all of Southwest Florida 🌴

Dated: June 20 2024

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The proposed increase, on average 13.5%, will go to the state Office of Insurance Regulation for review and potential approval.

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TALLAHASSEE, Florida — While saying Florida’s insurance market is improving, the Citizens Property Insurance Corp. Board of Governors on Wednesday backed a proposal that would lead to customers across the state seeing double-digit rate increases in 2025.

The proposal, in part, would lead to an average 13.5% rate increase for the most-common type of Citizens policy, known as homeowners’ “multi-peril” coverage. Condominium-unit owners would see an average 14.2% increase.

Across all personal lines of insurance — a category that includes policies for homeowners, condominium-unit owners, renters and mobile homes — the average increase would be 14%.

The proposal will go to the state Office of Insurance Regulation for review and potential approval. Actual increases for customers would vary based on factors such as where properties are located. A state law will cap increases at 14% for primary residences and 50% for non-primary residences, such as second homes.

Rate hikes would have far-reaching effects, as Citizens is the largest insurer in the state, with about 1.2 million policies. In some parts of Florida, residents say they have few — if any — alternatives for coverage.

Also, Citizens policyholders have seen rate increases in the past. As an example, information presented during Wednesday’s meeting said regulators approved an average 12.6% increase for homeowners’ multi-peril and wind-only policies that took effect this year.

Brian Donovan, chief actuary for Citizens, said the insurance market has seen “drastic improvements” during the past year, after lawmakers passed an overhaul that included curbing lawsuits against insurers. But Citizens officials also say the state insurer often charges lower rates than private insurers, reducing the incentive for homeowners to shift to the private market.

State leaders have long sought to hold down the number of Citizens policies, in part because of financial risks if Florida gets hit by a major hurricane or multiple hurricanes. But the number of policies soared in recent years as private insurers dropped customers and raised rates because of financial problems.

Citizens reached as many as 1.412 million policies in fall 2023 before seeing reductions because of what is known as a “depopulation” program designed to shift policies into the private market. It had 1,202,696 policies as of Friday, according to data posted on the Citizens website.

The depopulation effort likely will be on hold during the next few months, as private insurers look to avoid taking on more risks during hurricane season. But Citizens President and CEO Tim Cerio said Wednesday new estimates show that Citizens could have fewer than 1 million policies by the end of the year.

“Hopefully, October, November, December will be very active (for depopulation),” said Jennifer Montero, Citizens chief financial officer. “That’s the expectation.”

Citizens board member Charlie Lydecker pointed to signs that Florida is creating a “potentially more stable marketplace.”

“Our real dream is depopulation and reduced rates,” he said.

👉 Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC â˜˜ serves all of Lee County and Collier County, including the Gulf Coast Islands here in Southwest Florida.  We Directly Help Sellers and We Directly Help Buyers; with our clients best interests in mind.

Recently as Listing Agents, Barry & Kim with the Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ helped a number of sellers who had been in Foreberance, Pre-Foreclosure and in similar difficult situations.  We were able to get all of them to a "very good place"; worry free & stress free; with excellent end results for them.   Also, Kim is a certified stager which helps us additionally on all of our listings.  Call us for more information: 239-360-5527.

With access to many different professions on our team, we help and serve people in many different situations; everybody's situation is different even in a hot sellers market as we recently experienced.

If you know someone needing help; or simply wants advice, please have them reach out to us in confidence: 239-360-5527; anytime; we continue to achieve excellent results in the communities where we list and sell across Lee and Collier Counties utilizing our Knowledge, Experience, Systems and Tools.

Sadly for some time we see a number of sellers who are not keeping up with the changes locally; often putting their homes on the market and selling them for less than what the market can bear.  Additionlly; selling a home the first day on MLS may not guarantee the best price for the seller / homeowner.  Please call Barry at 239-360-5527 for more information.

We offer a confidential / private, custom Concierge Service, if a home owners property needs work 🍀  For every property situation, we have a solution / solutions with a proven track record ☘

Even with Hurricane Ian having passied thrugh Southwest Florida last year, as people continue to move and relocate to the general areas of Lee & Collier Counties; aka: Paradise Coast from other parts of the United States, it is important that we are able to directly serve all of the area; which we do, efficently.  We have the ability to offer many different Choices, Price-Points and Lifestyles all of which are in abundance here in SW FLA, 239RealEstateDeals.Com LLC has blanket coverage of Southwest Florida and most of Florida for that matter by being active members of four different MLS systems.  Additionally we have the latest cutting edge technologies in house with many systems in place to better serve our customers and clients who we represent.

Inventory remains steady, but is increasing overall; we do continue to list and market new South Florida property listings to the marketplace and we sell many different type homes; Resale & New Construction; Multigenerational Family Compounds, Single Family Homes, Villas, Townhomes and all Condo types, from low rise, to Waterfront high rise right on the Beach / Gulf Coast.  We have something for everyome from beach lovers, boaters, golfers, nature lovers to farmers and horse lovers.

We continue to see many people planning ahead, and buying that second home now, rather than waitiang as they were planning to do; especially with Snowmads and Zoombirds working from home.  Previously we had Snowbirds; interesting how terminology keeps changing / evolving.  Hurricane Ian prompted some buyers to start looking again, while other buyers had pulled back momentarily.

Interest rates increases have sadly driven some buyers out of the market place, we do see price reductions on some overpriced and / or under marketed listings.  Even with recent interest rate hikes, buyers are still looking, but showing more prudency than before as we Secure Real Estate Deals for them.  Properties are still selling as it trends towards a more balanced market.

Relatively low inventory overall is still a challenge for active buyers who are not prepared on some property types; but if prepared you are ahead of the game; ask how we can help with all of that.  We do see more listings coming to the market here in Southwest Florida, so, that is good.

We recently got a number amazing deals for buyers; even during the recent Hot Sellers Market; and we are working on others as our market changes a little having gone through a hurricane.  There are deals out there; if you work with us, we will definitely find them for you. 

For those relocating to Florida (and to other areas), we are pleased to be able to efficently assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation with the best available representation.  Call Barry at 239-360-5527.

At our Real Estate Team; Hoey Team 🍀 239RealEstateDeals.Com LLC ☘ we have been succesfully working 100% virtually / remotely for the past number of years; i'm thankful that we already had systems in place to better help sellers and buyer with goal posts continually moving within our industry / profession.

Article content from FR (Florida REALTORS) Newsletter Magazine, and from other sources including Hoey Team, 239RealEstateDeals.Com LLC & Freddie Mac / Fannie Mae - Make sure to ask us for more information on how it may effect you; Call Barry at 239-360-5527 ☘

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🌐  www.HurricaneHelpFL.com  🌀  Post Hurricane Resources and Tools Library ðŸ›  Barry Hoey, Broker Owner 🍀 239RealEstateDeals.Com LLC ☘ Serving Lee and Collier Counties, Southwest Florida ðŸŒ´

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