Citizens Property Insurance has asked its corporate board to approve a recommendation for a 2025 rate increase.

The insurer of last resort in Florida says the rate package is necessary due to recent legislative reforms, reinsurance costs and Citizens’ ongoing effort to charge sound rates.

Board members will consider a statewide average increase of 14 percent for all Personal Lines policies – homeowners, condominium unit owners, dwellings, renters and mobile homes.

Homeowner multiperil (HO-3) policy rates would increase by an average of 13.5 percent.

Condominium owners would see an average 14.2 percent increase.

If approved by the Office of Insurance Regulation (OIR), the rates would go into effect for renewal policies after January 1, 2025.

Citizens is required by law to charge actuarially sound rates that are not competitive with the private market while complying with the statutory glide path, the insurer stated in a press release.

The glide path caps individual rate increases at 14 percent in 2025 for primary residences, excluding coverage changes and surcharges.

Rate increases for non-primary residences can increase by up to 50 percent, excluding coverage changes and surcharges.

If approved by the Board, the recommendations will be submitted to the OIR, which will review the filings and hold a public hearing before establishing Citizens’ 2025 rates.