Regulators have ordered the state-backed Citizens Property Insurance Corp. to revamp — and trim — proposed rate increases.

 

Florida Insurance Commissioner Michael Yaworsky signed an order that took issue with parts of a Citizens rate proposal that included increasing rates by 12% for homeowners with the most-common type of policies. The order, posted on the state Office of Insurance Regulation website, directed Citizens to “calculate new, reduced, overall average statewide rate increases for the rate filings” covered by the order.

 

“We are reviewing the final order and will submit a revised set of recommendations, as requested, based upon OIR’s findings and directives,” Michael Peltier, a Citizens spokesman, said in an email Monday.

 

The order pointed to questions about whether the proposed increases might not be justified in some areas of the state, saying that the Office of Insurance Regulation “finds that due to the inadequate support as it relates to Citizens being non-competitive (with private insurers) … rates should be subject to a modified policyholder capping methodology.”

 

That methodology could lead to a range of increases up to 12% for multi-peril policies on primary residences — or, possibly for some policyholders, no increases, according to the order.

 

Citizens originally proposed rate increases to take effect Nov. 1 but later changed the date to Dec. 9. The Office of Insurance Regulation agreed with the change. Friday’s order gave Citizens 30 days to revamp the rate proposal.

 

The Consumer law Office (CLO) is a First Party Property Law Firm, that is committed to delivering excellent customer service. Our Property Damage Attorneys fight insurance companies on behalf of our residential and commercial policyholders and public adjusters, to get the relief they are entitled to. We have helped numerous home and business owners successfully recover the compensation they deserve.

Your insurance company hires experts to protect their interests.

Your representation should be no different.

 

CONTACT CLO TODAY! 305-940-0924 FOR A FREE COMPREHENSIVE PROPERTY DAMAGE ASSESSMENT AND CONSULTATION.

 

Visit https://consumerlawoffice.com/ 

 

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