Citizens Property Insurance may begin to see a shift in its size as the rise in water damage claims is forcing the insurer to halt its downsizing efforts. In fact, Citizens may find itself taking on more than 45,000 policies next year as more and more insurers choose not to grant new policies in Miami-Dade and Broward County. Both counties have seen a tremendous rise in water damage losses. Citizens currently handles over 450,000 policies, which could grow to 500,000+ next year.
During the past three years, Citizens has dropped over a million policies that were obtained through the private market, though that decrease was aided by the lack of a hurricane since 2005. That streak came to an end this year when hurricanes did manage to hit Florida, beginning with Hurricane Hermine.
Homeowners that have a Citizens policy will likely see rate increases in 2017, with multi-peril accounts rising an average of 6.4 percent beginning February 1st due to rates approved back in September by the Office of Insurance Regulation.
This information is provided by Miami insurance attorney Alonso, Perez & Santos, LLP. Our areas of practice include bankruptcy, insurance litigation, 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 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.