Is Citizens forcing policyholders to increase the amount of coverage and pay higher deductibles to make up for the state-mandated rate freeze?
No. Citizens is not forcing policyholders to increase coverage amounts or deductibles. However, for your protection, Citizens does require that you have enough insurance to replace your home in the event of a total loss. Replacement cost is determined by a formula that uses labor and material costs usual to your area for construction projects. The calculated cost to replace your home is not the same thing as the assessed value or market value of your house and does not include the cost of the land. The replacement value of your home can be determined by a cost calculator loaded with updated information or by opinion of a Florida licensed property appraiser (appraisal report), etc. Also, Citizens offers policyholders several deductible choices to consider. The lower the deductible you choose, the higher your insurance premium. The higher the deductible you choose, the lower your insurance premium, but the higher your out-of-pocket expenses will be in the event of a covered loss. We enco
