- 05 Jul
Citizens Seeks to Raise Its Rates
Florida has thankfully remained free of any major hurricanes for several years now, allowing major insurance provider Citizens Property Insurance to become financially stronger and leaner. And yet despite the fact that it’s been over a decade since there’s been a major storm, Citizens continues to force rate hikes upon its customers.
Last month, Citizens asked state regulators to approve a statewide rate increase of 6.8 percent for the next year as non-weather related water loss claims continue to rise, a problem that was once relegated to South Florida but has since become an issue across the state.
Citizens is also one example of property insurers across the state of Florida that have unsuccessfully lobbied to limit and restrict policyholders from properly mitigating their losses by placing limits on their ability to assign their insurance rights to mitigation companies and plumbers for emergency services.
If you’re a property owner and you have a loss, contact us immediately and we will be happy to thoroughly review your coverage. Property owners must comply with their post-loss conditions as described under their insurance policies to avoid a potential breach of their contractual obligations. Policy holders must mitigate their damages, regardless of limitations or restrictions under Citizens new contracts.
This information is provided by Miami bankruptcy lawyer Alonso, Perez & Santos, LLP. Our areas of practice include bankruptcy, debt harassment, credit card defense, foreclosure defense, immigration law, condominium law, business start-ups, and more. Call 305-676-7545 to speak with one of our Miami insurance attorneys and receive a free consultation. We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.