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Citizens Rethinks Its Rate Hikes

South Florida homeowners insured with Citizens Property Insurance are receiving some welcome news after the insurer announced it will be re-evaluating its decision to hike rates as it originally intended. Instead of raising rates by just over eight percent, the last-resort insurer will now be scaling back by raising residential premiums by 4.7 percent.

Over in Broward County, over 29,000 customers would see an average 9.6 percent increase. The nearly 11,000 policyholders in Palm Beach would an average increase of about four percent while Miami-Dade County’s more than 55,000 customers will see their rates reduced by about 3.5 percent.

The Citizens rate reductions closely follow Florida Governor Ron DeSantis’ recent decision to approve a massive overhaul to the controversial assignment of benefits issue. Assignment of benefits involves property owners who decide to sign over benefits to a contractor. These contractors will then seek payments from insurance companies.

To read more about Citizens choosing to scale down on rates, visit the Insurance Journal article at the following link: https://therealdeal.com/miami/2019/06/20/citizens-property-insurance-pulls-back-on-rate-hikes/.

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 attorney 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.