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Citizens Receives Approval for Rate Hikes

Citizens Property Insurance Corp. policyholders living in Palm Beach and Broward County won’t be seeing any reductions when it comes to their insurance rate. The last resort insurer recently received the OK from Florida’s Office of Insurance Regulation to raise rates for the thousands of customers with a multiperil residential policy. These rates will be increasing by about 9.6 percent and four percent in Broward and Palm Beach, respectively.

Interestingly, the reverse is happening over in Miami-Dade County. The 55,000 Citizens multiperil policyholders will see a reduction of just over three percent, with premiums dropping from $3,687 to about $3,557. Miami-Dade and Broward County homeowners pay some of the highest premiums in all of Florida, following closely behind Monroe County, the home of the Florida Keys.

Formerly the largest insurer in Florida based on policies, Citizens has surrendered over a million customers since 2012 to private insurers, which are generally able to provide lower rates. However, as a last resort insurer, Citizens is legally required to provide coverage to homeowners unable to obtain insurance from commercial insurers.

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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 lawyer 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.