The Real Deal Miami

Insurance rate hike likely

April 06, 2009 03:23PM

Legislators are debating responses to the property insurance problems plaguing the state, and competing bills will probably mean a rise in rates for homeowners. A bill in the state House of Representatives would allow rates to rise no more than an average 20 percent a year, while a Senate bill would keep the bump to 10 percent annually. Homeowners covered by Citizens Property Insurance, the state-run insurer, would face the largest increases.