Citizens Property Insurance Corp. policyholders concerned about planned rate hike will have to wait a little longer after the insurer decided to hold off on determining its 2019 rates until December. If all goes according to plan, Citizens will implement an increase of 7.9 percent for all of its homeowner insurance policies across the state of Florida. The decision to postpone the proposed rate hike was made in response to policyholders that are still in the process of recovering from the damage caused by Hurricane Irma as well as recent water loss policy language changes.
The decision to defer the rate hike will also allow Citizens more time to evaluate the first results from its upcoming managed care repair program kicking off on the first of August. In case you missed the previous blog discussing it, this new program is intended to, among other things, combat the increased costs of claims due to water loss and the ongoing issue of assignment of benefits abuse.
If the Citizens rate hikes are ultimately approved, inland multiperil policyholders can expect a rate increase of about eight percent while coastal homeowners would see rate hikes of just under ten percent.
To read more, please visit the following source link: https://www.insurancejournal.com/news/southeast/2018/06/21/492865.htm.
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