This aerial view taken from video shows a flooded street in Northeast Miami-Dade County, Fla., on Thursday, June 13, 2024. A tropical disturbance brought a rare flash flood emergency to much of southern Florida the day before. Floridians prepared to weather more heavy rainfall on Thursday and Friday.
The state-backed Citizens Property Insurance Corporation is seeking a nearly 14% rate increase, which could steer more customers toward private insurers. Notably, 23 private companies have filed for rate decreases or no changes in 2024, offering consumers the potential for lower premiums. The market’s resilience is especially notable given this year’s hurricane season, which caused three landfalls in Florida and billions of dollars in damage across the country. Despite these challenges, Friedlander describes the market as stable and recovering.