In case you missed the news, Citizens Property Insurance Corp. made headlines late last month when it announced its intentions to raise residential insurance rates by just over eight percent beginning in September. While its Board of Governors were not pleased with having to bump up rates, the blame for the rate hikes was placed on lawsuits that Citizens says are increasing costs in the broader property-insurance market. These costs are largely due to litigation involving water damage claims, largely in the counties of Miami-Dade, Broward and Palm Beach. Citizens must still wait to receive the OK from Florida’s Office of Insurance Regulation.
As Florida’s second largest home insurance company, Citizens would have requested a premium hike as much as 25 percent if it were legally possible. However, Florida law states it cannot increase annual insurance premiums by more than ten percent. Depending on their location, South Florida homeowners with a Citizens policy will see their annual coverage premiums increase between seven percent to nearly ten percent.
To read more about the Citizens rate increase, visit http://www.wlrn.org/post/sunshine-economy-citizens-property-insurance-and-cost-protect-property.
This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with a Miami insurance claims attorney 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.