Orlando, Florida Local News
New plan could result in double-digit property tax rate increase for millions of Floridians
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A public hearing is being held Thursday afternoon on a plan that could lead to a double-digit increase in the property tax rates for more than a million Floridians.The Florida Office of Insurance Regulation is holding the hearing on a request by the state-run Citizens Property Insurance Corporation. They are asking for a 13.5% increase for the coverage used by most homeowners in Florida.Citizens is supposed to be the “insurer of last resort,” but the number of Floridians using it has ballooned in recent years as private insurance companies have abandoned the state because of damaging storms and high rates of litigation.The insurer said it had more than 1.2 million policies in force at the end of June. That is slightly lower than at the same time last year, but almost triple the number of policies it had in 2020.RELATED: Citizens Insurance keeps shedding policies, a sign of home insurance market improvements, CEO says The Office of Insurance Regulation would have to approve any rate increase.The public hearing is at 1 p.m. in Tallahassee. You can also participate online or by phone.To watch or make public comment, click here.
A public hearing is being held Thursday afternoon on a plan that could lead to a double-digit increase in the property tax rates for more than a million Floridians.
The Florida Office of Insurance Regulation is holding the hearing on a request by the state-run Citizens Property Insurance Corporation. They are asking for a 13.5% increase for the coverage used by most homeowners in Florida.
Citizens is supposed to be the “insurer of last resort,” but the number of Floridians using it has ballooned in recent years as private insurance companies have abandoned the state because of damaging storms and high rates of litigation.
The insurer said it had more than 1.2 million policies in force at the end of June. That is slightly lower than at the same time last year, but almost triple the number of policies it had in 2020.
RELATED: Citizens Insurance keeps shedding policies, a sign of home insurance market improvements, CEO says
The Office of Insurance Regulation would have to approve any rate increase.
The public hearing is at 1 p.m. in Tallahassee. You can also participate online or by phone.
To watch or make public comment, click here.
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