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Florida regulators scale back rate increases sought by Citizens insurance
Jim Saunders
TALLAHASSEE Regulators have scaled back rate increases sought by Citizens Property Insurance Corp., dealing a blow to leaders of the state-backed insurer who argue it needs to charge more for coverage.
The Florida Office of Insurance Regulation released details Tuesday of rate increases that will take effect Aug. 1, including decisions that reduced amounts sought by Citizens.
As an example, Citizens requested an average 6.2 percent increase for homeowners’ multi-peril policies the most common type of policies but regulators approved a 3.2 percent increase.
Regulators also rejected a series of moves that Citizens proposed to boost rates. Perhaps the most far-reaching decision involved a proposal by Citizens to charge actuarially sound rates for new customers a move that would have effectively led to many new customers paying more than current customers.
Sunburn â The morning read of whatâs hot in Florida politics â 4.21.21
Guilty.
Guilty.
Derrick Chauvin murdered
George Floyd, the hammer of justice sounded loudly on all three counts he faced.
The video of Chauvin’s neck on Floyd’s neck for more than nine minutes was damning enough. There was more, though. Throughout the ordeal, the smug, superior expression on Chauvin’s face told volumes about the disregard he had for Floyd’s life.
Guilty. Guilty. Guilty. Image via AP.
This wasn’t a routine arrest over Floyd’s passing of a counterfeit $20 bill. Chauvin’s action that day was racism at its diabolical worst.
Florida Regulator Nixes Citizens Request to Remove Rate Cap on New Business
New policyholders coming into Florida’s insurer of last resort will not face higher rates than existing insureds under an order issued by the Florida Office of Insurance Regulation.
The regulator’s decision comes after Citizens Property Insurance Corp. President & CEO Barry Gilway said at its rate hearing last month that it is receiving about 5,000 new policies per week as the Florida market continues to tighten.
Under the order signed by Insurance Commissioner David Altmaier, Citizens homeowners multi-peril policy rates will increase by an overall statewide average of 3.2% while commercial residential multi-peril policies will increase by an overall statewide average of 4.8%. Citizens filed increases for these lines of 6.2% and 7.8%, respectively.
Wednesday s Afternoon Update | 4/21/2021
Florida s labor force has decreased since the pandemic
Florida’s unemployment rate is dropping, but there are still some job openings that cannot be filled. Florida’s unemployment rate dropped from its pandemic high of 14.2% in May 2020, to 4.7% in March, 2021. That current rate falls below the national average of 6%. There are some different reasons the unemployment rate is dropping, but some jobs are struggling to be filled. According to the US Bureau of Labor Statistics, hundreds of thousands of people left the labor force entirely since the pandemic. More from First Coast News.
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