The Florida Office of Insurance Regulation held a hearing recently to determine if rate hikes approved by Citizens Property Insurance can move forward. If approved, this means that Citizen policy holders will see a statewide average rate increase of about 14%.6. It would be the second increase this year.
Citizens Insurance says to remain solvent, the rate increases are necessary, while still providing cheaper insurance for those that can’t find insurance elsewhere.
If approved by the Florida Office of Insurance Regulation, the policy would go into effect for new and renewed personal policies after Nov. 1 and the increase will impact all personal line policies, including homeowners, condos and mobile homes.
However, for Florida property owners insured by Citizens, the drawback for Citizens policy holders isn’t necessarily rate increases, rather it’s the threat of special assessment in the event Florida is hit with a major hurricane disaster this year.
“Citizens can assess the homeowner up to 40% of their premium in the next year if we have a disaster,” Swanson said. “And we are sitting right now on the edge of hurricane season, and I just hope to God we don’t have a storm.”
If you are a victim of a hurricane or any weather or property damage event, let the Florida Property Damage Attorneys at The Consumer Law Office (CLO) help you receive the maximum property damage compensation you are entitled to under your insurance policy.
Contact CLO Today 305-940-0924 for a FREE Comprehensive Property Damage assessment and consultation. Visit https://consumerlawoffice.com/
We only get paid when you get paid by your insurance company.
Contact CLO Today! 305-940-0924
Your insurance company has the resources to hire experts to protect their interests; your representation should be no different.
