The Real Deal Miami

Citizens ponders rate hikes

June 03, 2009 03:51PM

Officials of state-run Citizens Property Insurance are considering a plan to raise most South Florida home and condominium owners’ premiums up to 10 percent a year for as many as five years, beginning January 1. The insurer said it needs to bring rates up at least 44 percent from the current level to be adequately prepared for major storm damage. Legislation approved this year also allows private insurers to increase premiums up to 10 percent, pending state review.