Citizens Insurance targets South Florida with steep rate hikes
Citizens Property Insurance Corp. is seeking another round of steep rate hikes for its customers in Broward, Palm Beach and Miami-Dade counties in 2018, and the state-run “insurer of last resort” again blames increases in lawsuits and abuses by water restoration contractors.
Meanwhile, the company sought to address concerns about a possible shortage of claims adjusters available for work during hurricanes and other catastrophes. The company’s claims chief reminded its Board of Governors on Tuesday that state law allows it to negotiate separate emergency contracts if needed, and said it plans to seek more commitments from adjuster firms.
Under the rate hike proposals approved Tuesday by Citizens’ board, single-family homeowners in Broward would on average pay 10.4 percent more for multiperil coverage — or $294.
Average policies in Miami-Dade would increase 10.5 percent, or $359, while Palm Beach County policyholders would pay 9.3 percent more, or $246.
Read more: http://www.sun-sentinel.com/business/fl-bz-citizens-insurance-20170620-story.html
