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Citizens Raises Rates, Some Locals Could Get Break
July 9, 2009
There is a 10 percent rate increase in store for many of the 1 million customers of Citizens Property Insurance, but some customers in Escambia and Santa Rosa counties will actually be eligible for a rate decrease.
The state agreed to allow Citizens, the state’s largest property insurer, to end a three year rate freeze in 2010 to allow the company to boost its financial ability to pay in the event of another major hurricane.
Customers in higher risk areas in South Florida are likely to see the full 10 percent increase, while customers in Escambia, Santa Rosa, Sarasota and Duval counties might get up to the full 10 percent rate decrease.
The 10 percent increase should net Citizens another $140 million per year in premiums, while the 10 percent discount will cost about $29 million in revenues. Citizens is reportedly collects about $1.8 billion less than the company needs to be financially sound.
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