The Florida Office of Insurance Regulation (OIR) recently gave the okay to Citizens Property Insurance Corporation, allowing the major insurer to raise rates by 6.4 percent for 2017 multi-peril policyholders across Florida. Per Citizens, the move was necessary to address what it calls a disturbing increase in the amount of non-weather water loss claims and litigation.
Back in August, Florida insurance regulators tweaked the Citizens rate request, making small reductions to the insurer’s loss trends for homeowners multi-peril rates while accepting its proposal when it came to increases in rates for wind-only coverage.
The wind-only rate for Florida homeowners will see an 8.2 percent increase in 2017 while those that own mobile homes will face an average 5.7 percent increase in multi-peril rates. The coverage for wind-only mobile home coverage will see some of the largest increases at 10.3 percent.
Per the Miami Herald, Citizens is not the only state insurer to receive rate increase approval in 2017 by the OIR. Several other companies like Sawgrass Mutual, Federated National, and Florida Family have all received the okay to increase rates by at least four to five percent or more.
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.