Rate increases have been the unspoken undercurrent of a property insurance bill cruising through the Florida Senate.
As lawmakers have cast their votes on the quickly-moving and complex bill, few have discussed exactly how much rates would increase under the proposal. With little discussion of the bill’s rate impact, it has sailed through committee and could be debated on the floor on Wednesday.
On Tuesday, Citizens President Barry Gilway gave the first glimpse of the actual rate impact and pointed out that it could be substantial.
“There are 11 territories that would see a rate increase of over 60 percent,” he said
Here are some of the rate increases that will hit new Citizens customers next year if the bill passes in its current form.
Part of Volusia
County: 86.8 percent
Part of Lee County: 62 percent
Part of Broward County: 65.6 percent
Part of Hernando County: 73.3 percent
Part of Monroe County: 137.8 percent
Part of Palm Beach County: 60.1 percent
Other territories in Miami-Dade County and parts of Tampa Bay could also see annual insurance premiums increase by thousands of dollars. Sinkhole rates in places like Hernando County could nearly triple.
Those numbers have been non-existent in the debate over SB 1770, which is reaching a floor vote after bipartisan support in three Senate committees. Some of the lawmakers voting for the bill represent districts where rate increases would hit hardest. Rates would go up mostly for new customers, but that includes people who get dropped by their insurance companies and forced into Citizens, and people who get dropped by Citizens and need to rejoin.