Citizens Property Insurance Proposes Rate Reduction For Most Customers

June 24, 2014

Citizens Property Insurance Corp. estimates that about 70 percent of policyholders would see a reduction in base rates, with the other 30 percent having their base rates go up, under a proposal for 2015 before the insurer’s Board of Governors on Wednesday in Orlando.

As part of the proposed rate changes, homeowner policies are projected to decrease on average 3.2 percent, while mobile-home rates will go down 3.9 percent on average.

Citizens pointed to a number of factors for the changes, from “increasingly reasonable rates” for reinsurance to a reduction in the number of policies under Citizens that has decreased the overall exposure for the state-backed agency.

A drop in rates doesn’t preclude the overall cost of a customer’s premium — the total amount that a policyholder pays for coverage — from going up.

by The News Service of Florida

Comments

2 Responses to “Citizens Property Insurance Proposes Rate Reduction For Most Customers”

  1. fred on June 25th, 2014 12:36 pm

    To me, one of the huge frustrations of property insurance in FL is (only second to the surcharge that Mr. Hudson mentioned) that homeowner’s insurance doesn’t cover flood damage. I remember after Ivan, there were a lot of homeowners doing battle with their carriers, and the flood carrier claiming it was hurricane damage and the wind carrier claiming it was flood damage, with the poor policyholder caught in the middle. How hard is it to just write a policy that covers loss no matter the cause? This whole industry is a hustle.

  2. Hudson Sr. on June 24th, 2014 6:39 am

    The first thing they should do is remove the surcharge from the rest of us.

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