TALLAHASSEE — Florida regulators have approved new rates for the state’s Citizens Property Insurance Corp., with premiums for the most-common type of homeowners policy increasing by a statewide average of 6.6 percent.

Florida’s Citizens Property Insurance Corp. will reduce rates by an average of 5.6% statewide in 2025, according to Gov. Ron DeSantis. The governor said the state had the lowest average increase in homeowners insurance rates nationwide over the past year.

TALLAHASSEE -- Gov. Ron DeSantis on Wednesday said that many South Florida customers of the state's Citizens Property Insurance Corp. will receive rate decreases this year. During an appearance in Miami, DeSantis said 73 percent of Citizens customers with homeowners policies in Miami-Dade County will receive premium reductions.

Insurance regulators spent more than seven months considering the 14% average rate hike proposed for homeowners covered by state-owned Citizens Property Insurance Corp. and ultimately voted thumbs down.

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Mangrove Property Insurance is the 11th new company approved to offer insurance in Florida since reforms were enacted in 2022 and 2023, the insurance commissioner said.