Condo owners hit again as Citizens requests 14.2% rate hike

Already facing increased assessments and association fees, the state’s condo dwellers may see their insurance costs jump as Citizens Property Insurance Corp. looks for rate hike.

By Louis Llovio
| 6:00 p.m. June 20, 2024
| 0 Free Articles Remaining!

Driving down Estero Boulevard, the main road that runs the length of Fort Myers Beach, the widespread destruction that Hurricane Ian wrought is still on full display.

Florida

Condominium owners already dealing with rising assessments and association fees could be hit again if Citizens Property Insurance Corp. gets its way.

The state-run property insurance company has asked for permission to raise the rate on condominium units by an average of 14.2% starting next year as part of a proposal for hikes on its policies.

If the state’s Office of Insurance Regulations greenlights Citizen’s request, the average cost of a policy would go up 14%, with home policies rising 13.5% along with the jump for condo units — as well as for renters and mobile home policies.