It looks like Floridians with homeowners insurance with Citizens Property and Casualty will get hit again with a rate increase. Hearings were held yesterday about the proposed rate increase of 12% overall. This Miami Herald article lays out the specifics for the proposed rate increase.
The State of Florida needs to make a decision as to whether they want Citizens to be the insurer of last resort- meaning their rates are higher than all other insurers or if they want Citizens to offer relief in these tough economic times with lower interest rates for consumers. While many people in South Florida would like to see premiums with Citizens either remain the same or decrease, many in other areas of the Florida feel they are subsidizing South Floridians through higher rates of their own.
All Floridians are currently paying for claims that occurred with Citizens during the 2004 and 2005 hurricane seasons. If you review your insurance bill for all insurance except workers compensation, you will see a surcharge Citizens Emergency Assessment which covers the shortfall Citizens had in covering the claims of 2004 and 2005.
Please keep in mind if you have insurance with Citizens you are subject to an assessment if Citizens runs a shortfall again.
Insurance coverage from other companies is available throughout Florida but it often depends on the location and age of the property. If you are currently insured with Citizens, call Boca Insurance Group to see how we can help you find a new insurer- 954-596-0691 or visit our website at www.bocainsgroup.com
Click Here for a link to Citizens website and find out more about the proposed rate increase.
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