The Real Deal Miami

Citizens plans condo rate hike

November 09, 2011 10:33AM

Insurance rates on condominiums in Florida could rise as much as 19
percent for certain buildings if a Citizens rate hike is approved. The
state-backed insurer is considering raising rates on condominium
associations with $10 million or more in coverage. At present, the
company has 925 condo policies exceeding $10 million, with a total risk
of $28.6 billion. Those condos pay a total of $142 million in premiums.
According to many insurance agents, Citizens’ condo rates have been
cheaper than those of private insurance companies for some time. [Sun