For Personal Lines policies that are subject to Citizens’ glide path, the Florida Office of Insurance Regulation (OIR) has approved changes that may result in an increase to the statutory maximum allowable individual rate change cap (“glide path”).

Per Florida law, Citizens’ annual base rates cannot increase by more than 13% for new and renewal policies effective on or after February 1, 2024, excluding:

• Coverage changes
• Mitigation adjustments
• Sinkhole loss coverage
• Surcharges and assessments
• A required rapid cash-build-up provision for the Florida Hurricane Catastrophe Fund (FHCF) if applicable.

This capping factor change is separate from the rate increase announced on November 6.

Notes

• As a result of Senate Bill 76, Citizens began increasing the capped glide path on rate increases by 1% annually until the cap reaches 15% in 2026.
• The rate cap applies to policies insuring a primary residence. Policies that insure a non-primary residence will receive a higher capping factor.

Resources

Log in to the Agents website, select Personal > PR-M or PR-W, and:

• Look under the Spotlight section on the right side of the page to access the Rate Changes by Territory charts.
• Select one of the specific policy forms on the page to access the Rating Worksheets via the center menu.