The Real Deal Miami

Rates rise after legislation

May 26, 2009 04:07PM

The Florida Legislature reversed course in its laws on property insurance rates, removing caps and passing laws that will see rates rise an average of 10 percent. A recap of vital information follows: state-backed Citizens Property Insurance estimates policyholder premiums in Broward County must increase by anywhere from 15 percent to 85 percent, and a major hurricane that triggers deficits in the catastrophe fund could push policyholders up to 10 percent a year statewide.