Citizens Insurance Rates on the Rise in Tampa Bay Area

TAMPA, Fla. – As Gov. DeSantis announced big rate decreases for Citizens policyholders in South Florida, insurance experts warned that rates would have to go up in other parts of the state. A new document from Citizens Property Insurance revealed the county-by-county breakdown of rate increases in Tampa Bay, with some areas seeing significant hikes.

Hernando, Hillsborough, Pasco, Pinellas, and Polk counties are all facing double-digit rate increases, with some as high as 13.1%. Jake Holehouse from HH Insurance Group explained that with inflation, these increases could be even higher, potentially reaching 18-20% in counties like Pinellas and Hillsborough.

For homeowners like Margaret Bowles, who experienced flooding during Hurricane Helene, the rate increase comes as an added burden. Bowles, who has Citizens insurance on a rental property in St. Pete, expressed concern about passing on the increase to tenants and urged for compassion for storm victims.

Despite the challenges, Holehouse noted that homeowners now have more options than before, with Citizens no longer being the cheapest option in many cases. With 20-25 insurance providers now available for quotes, homeowners have the opportunity to explore other competitive rates outside of Citizens.

As the full list of Citizens insurance rates by county is made available, it is clear that changes are on the horizon for policyholders in Tampa Bay. While the rate increases may pose financial challenges for some, the expanded options for insurance coverage offer a silver lining for homeowners in the region.