The Real Deal Miami

Citizens recalculates property insurance rates

April 22, 2011 09:44AM

State-backed Citizens Property Insurance is recalculating the costs of
rebuilding homes, and it means increase rates for some policyholders.
According to Christine Ashburn, a spokesperson for Citizens, the new
calculation methodology gives more complete estimates than before.
Insurance agents say the results have been up and down, with some
arguing that the company is inflating how much it will cost to rebuild a
home in some situations — the new calculations apply only to new
policies, however, or those with changes in coverage. [Miami
Herald]