It s an effort to stem a surge in new policies with the state-backed insurer.
Citizens Property Insurance Corp. leaders Wednesday supported looking for ways to increase homeowners’ rates, as they try to stem a flood of new policies at the state-backed insurer.
The Citizens Board of Governors effectively put on hold until late January a decision about a rate filing, as they expressed concerns about Citizens becoming what Chairman Carlos Beruff called the “800-pound gorilla” in the state’s property-insurance market.
Citizens officials said the state-backed insurer has lower rates than many private insurers, giving consumers an incentive to buy and keep Citizens policies. At the same time, Citizens President and CEO Barry Gilway said the private insurance market has “severe profitability problems,” limiting companies’ capacity to take on new customers and helping spur requests for hefty rate increases.
South Florida 100: Stay masked, keep hands clean, but chin up, folks, we ve got a vaccine - South Florida Sun Sentinel
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Citizens Ins : Steep Rate Hikes Would Discourage New Customers
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Florida s state-run property insurer wants steep rate hikes to discourage new customers
Sun Sentinel 12/17/2020 Ron Hurtibise, South Florida Sun Sentinel © Eve Edelheit/Tampa Bay Times/Tampa Bay Times/TNS Damage from Hurricane Irma in Big Pine Key, Fla in 2017. Citizens Property Insurance Corp., Florida s state-owned“ insurer of last resort,” has been attracting customers in droves because its policies are so cheap.
The folks who run Citizens Property Insurance Corp. probably don’t want you to hear this, but you can save up to 39% off your insurance bill if you switch from your current home insurer to Florida s state-owned “insurer of last resort.”
Citizens Insurance Looks For Higher Rates
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