Orlando and surrounding counties have seen a dramatic increase in Citizens Insurance policies for homeowners, a trend that some experts are trying to reverse.
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1 month ago Share by: Jim Turner News Service of Florida
Citizens Property Insurance Corp. leaders approved a proposed 7.2% average rate increase for residential policyholders on Jan. 26, while also backing a plan that could lead to substantially higher rates in the future for new customers of the state-backed insurer.
The Citizens Board of Governors took the steps as it faces a surge in additional policies amid troubles in the state’s private property-insurance market. The troubles have driven up private rates and caused companies to pull back on covering homes, spurring customers to turn to Citizens.
“The objective here is to create a healthy, private insurance market in Florida that better represents what we are supposed to be, Florida’s insurer of last resort,” Citizens board Chairman Carlos Beruff said.
The Citizens Board of Governors took the steps as it faces a surge in additional policies amid troubles in the state’s private property-insurance market.