Citizens board voting on insurance rate hike - FOX 13 News

Citizens board voting on insurance rate hike

Posted: Updated:
TALLAHASSEE (AP) -

The governing board of Florida's insurer of last resort is preparing to vote on a proposed increase of at least 7.5 percent for most policyholders.
 
The Citizens Property Insurance Corp. board was set to vote on the rate hike request Friday in Miami. The state-backed Citizens is Florida's largest property insurer with 1.4 million customers. Citizens by law cannot raise rates more than 10 percent per year.
 
Many private home insurers abandoned Florida because of the threat of catastrophic hurricane damage. Others have sharply raised rates because of the risk.
 
The Citizens rate increase would be higher for homeowners in areas at most risk for sinkholes.
 
The proposed increase must also be approved by state regulators.
 
Citizens is cutting policies to reduce its potential exposure to major hurricane damage.

Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices