The Real Deal Miami

Citizens could impose rate hikes

January 06, 2009 10:09AM

Citizens Property Insurance Corporation
could boost rates for homeowners after a state panel meets today.
Citizens policyholders can reject offers from private insurers that
want to assume their policies, but could lose the option if the task
force charged with reforming the insurer sees its recommendations
adopted. Private insurers removed nearly 400,000 homeowner policies
from Citizens in 2008. More than 33,000 homeowners, however, rejected
takeout offers from the private market. Citizens has 1.1 million
policies, down from a high of 1.4 million.