The Real Deal Miami

Citizens rate hike goes through

July 09, 2009 03:40PM

About a million Floridians holding homeowner policies from Citizens Property Insurance will be hit with premium increases of 10 percent after a state board approved the boost. The state group capped increases at 10 percent, but the move will affect 247,000 policyholders in Broward and Miami-Dade counties. Sam Miller, vice president of the Florida Insurance Council, said Citizens likely still won’t have strong reserves and will face reassessments if a major hurricane hits. [Sun-Sentinel], [Miami Herald] and [SFBJ]