Last resort insurer Citizens Property Insurance Corp. is contributing funds towards a study aimed at figuring out a way to slow down the private market insurance rates that continue to rise. The study is being conducted by Florida State University and the funds provided by Citizens will go to the Florida Catastrophic Storm Risk Management Center. It is expected to take around eight months to complete.
According to the source article, Citizens has already seen an uptick in policy applications from the average number hovering around 7,000. The increase follows closely on the news that half of the private companies that were seeking rate increases during the second half of last year filed requested rate hikes within the double digits. The insurer has also strived to move many of its policies into the market.
What do you think the results of the study may eventually reveal? If you’re curious to read more, please visit the following link: https://www.news-journalonline.com/news/20200325/citizens-backs-study-on-florida-property-insurance-market.
This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys or a Miami insurance claims attorney and receive a free consultation We look forward to working with you.
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