Florida’s state-created property insurance company voted to raise homeowners insurance rates by 14%

More bad news is on the horizon for Florida homeowners. On top of insurers pulling out of the state altogether, Florida’s state-created Citizen’s Property Insurance just voted to raise rates by 14% across the state.

The board of governors for the insurance corporation voted unanimously earlier in June. Raising the rates by 14% is dangerously close to the maximum rate increase allowed by the state. Homeowners should be prepared to see their rates rise beginning next year, should the change officially take effect.