Citizens to increase rates by 8.2% statewide

In Broward County rates will increase almost 10%

TRD MIAMI /
Dec.December 13, 2018 12:30 PM

(Credit: iStock)

Citizens Property Insurance is planning to increase rates, yet again.

The state-backed insurance company’s board of governors approved a rate increase averaging 8.2 percent in across all of the company’s insurance lines, according to the Sun Sentinel. The rate hike would begin in September 2019.

South Florida homeowners will see some of the biggest rate increases in the state. Rates for homeowners insurance will increase 9.9 percent in Broward County, 9.4 percent in Miami-Dade and 7.0 percent in Palm Beach County, according to the Sun Sentinel.

The rate hike is due to the high costs from litigation that the insurance company is having to bear, according to Citizens. Citizens contends it is being excessively billed by plaintiffs lawsuits due to an issue called assignment of benefits.

Citizens is referred to as the insurer of last resort, providing an option to people who can’t get insurance elsewhere. Nearly a decade ago the number of policyholders neared 1.5 million. But the state sought to push people on to other private insurers to try to reduce the cost burden on the government. Citizens now has about 435,000 policies.

Citizens’ board of governors voted 8-1 for the rate increase, the Sun Sentinel reported. The rate hikes still need approval from the Florida Office of Insurance Regulation. [Sun Sentinel] — Keith Larsen


Related Articles

arrow_forward_ios
Opera Tower (Wikipedia, Airbnb)

Opera Tower condo association sues Airbnb amid short-term rental crackdown

Opera Tower condo association sues Airbnb amid short-term rental crackdown
249 Northwest 6th Street and Michael Swerdlow (Google Maps, Swerdlow Group)

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown
Vladislav Doronin and Naomi Campbell (Credit: Eamonn McCormack/Getty Images)

Bad breakup? Developer Vlad Doronin sues ex Naomi Campbell

Bad breakup? Developer Vlad Doronin sues ex Naomi Campbell
Terrazas Miami (Google Maps, iStock)

Miami River condo association alleges $10M in defects: lawsuit

Miami River condo association alleges $10M in defects: lawsuit
Russell Galbut, Mondrian South Beach

Mondrian South Beach unit owners sue condo association and companies tied to Russell Galbut, alleging securities fraud

Mondrian South Beach unit owners sue condo association and companies tied to Russell Galbut, alleging securities fraud
Matthew Whitman Lazenby, Saks Fifth Avenue at Bal Harbour Shops (Credit: Sonya Revell)

Saks Fifth Avenue countersues Bal Harbour Shops for defamation

Saks Fifth Avenue countersues Bal Harbour Shops for defamation
Yamal Yidios and 7780-7810 Tatum Waterway (Ytech)

Court ruling overturns Tatum Waterway’s historic designation

Court ruling overturns Tatum Waterway’s historic designation
Stefano Ricci, Joe Sitt and 118-120 Northeast 39th Street (Getty, Thor, Google Maps)

Thor Equities sues to evict Stefano Ricci from Miami Design District

Thor Equities sues to evict Stefano Ricci from Miami Design District
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...