The Real Deal Miami

Citizens Insurance considers 56 percent rate increase for new customers

May 17, 2012 02:15PM

State-backed Citizens Property Insurance is considering a 56 percent rate increase for new wind storm insurance customers effective next year, according to the Sun Sentinel. Existing customers would be unaffected by the insurance company’s tentative plan to uncap rates, but, if passed, it would mean neighbors with the same coverage could be paying drastically different rates. The committee reviewing the plan met today and decided to hold a workshop over the summer so that real estate agents can “offer solutions rather than just criticism.” [Sun Sentinel]