Citizens Property Insurance To Increase Rates
Most Citizens Property Insurance policyholders could see about an 8.8-percent rate increase beginning in January. The state-backed insurer’s governing board voted Friday for the increase.
Insurance officials said they don’t expect the rate increase to lead to much of drop in the number of home owners with policies, but the company’s board did talk about ideas for depopulating the company. Board member Carol Everhart said one thing she thinks could help is to increase education. Florida Governor Rick Scott wants the state-run insurer to work at reducing the number of policies it holds. The Office of Insurance Regulation will have final say on whether the company will be allowed to implement rate increases.