Citizens to increase rates by 8.2% statewide

In Broward County rates will increase almost 10%

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
Thor Chairman Joe Sitt, Stefano Ricci CEO Niccolo Ricci and the Miami store. (Getty, Thor, Miami Design District)
Thor Equities sued over alleged unpaid loan on Stefano Ricci Miami Design District store
Thor Equities sued over alleged unpaid loan on Stefano Ricci Miami Design District store
Gil Dezer and renderings of the project (Renderings via Zyscovich Architects)
Neighbors sue to overturn approval of Dezer’s mega project in North Miami Beach
Neighbors sue to overturn approval of Dezer’s mega project in North Miami Beach
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
Jeffrey Soffer and Turnberry Isle Yacht and Racquet Club
Turnberry Isle condo association sues Jeffrey Soffer affiliate over lobby repairs
Turnberry Isle condo association sues Jeffrey Soffer affiliate over lobby repairs
An Altmed Müv dispensary in Apollo Beach (Altmed, iStock)
Miami Beach faces new legal challenges over medical marijuana restrictions
Miami Beach faces new legal challenges over medical marijuana restrictions
901 Euclid Avenue (Google Maps)
Short-term rental investor sues Miami Beach, seeks class action
Short-term rental investor sues Miami Beach, seeks class action
Masoud Shojaee with rendering of Sanctuary at Doral and pictured with daughter Lilibet Shojaee (Shoma Group)
Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records
Trusts benefitting Masoud Shojaee’s daughters sue to access his company’s financial records
arrow_forward_ios

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

Loading...