Break out the Sun Screen
-
-
Yikes. I hope you and yours come out unscathed Axe.Β
-
-
-
Socialism is out of control Florida. More of my tax dollars head down there again.
Florida's Biggest Insurer Says It Needs to Increase Rates by 93 Percent - Newsweek
Florida's largest insurer has requested a 13.5 percent rate hike but says it needs a nearly 93 percent increase to match the competitive market. Citizens Property Insurance Corp. is currently requesting a more modest hike from the Florida Office of Insurance Regulation (OIR) because state regulations cap the amount rates can increase annually. Brian Donovan, Citizens' chief actuary, said in a hearing last week that this would increase the average price of homeowners multi-peril policies, the insurer's most common type of policy, from $3,560 to $4,041. Other types of policies would also see increases in varying amounts in the double digits.
But he added that rates for Citizens' personal multi-peril policies would need to increase by 92.8 percent to be non-competitive.
Citizens President and CEO Tim Cerio said that the double-digit rate increase was necessary to reduce the insurer's financial risk and that the decision wasn't made "lightly."
Hello! It looks like you're interested in this conversation, but you don't have an account yet.
Getting fed up of having to scroll through the same posts each visit? When you register for an account, you'll always come back to exactly where you were before, and choose to be notified of new replies (either via email, or push notification). You'll also be able to save bookmarks and upvote posts to show your appreciation to other community members.
With your input, this post could be even better π
Register Login