Joe.My.God. LGBT News
Orlando’s ABC affiliate reports:
Florida property owners are paying roughly four times the national average for insurance. And more than a million policyholders could soon pay even more. Earlier this week, Citizens Property Insurance announced it is pushing for a rate hike for its most common policy type.
If approved, owners of single-family homes would see an average 13.5% rate hike. Citizens’ CEO says the insurer plans to depopulate even more policies, cutting more than 400,000 from fall of last year to the end of this year. This would lessen the state’s financial risk.
Marketplace reports:
More intense and more expensive natural disasters are driving up insurance rates in many parts of the country, forcing homeowners to turn to “insurers of last resort” backed by state governments or at the federal level.
Case in point: Citizens Property Insurance Corp., Florida’s insurer of last resort, has become the state’s largest insurer. And this week, Citizens said it will ask regulators for permission to increase its rates by about 14%.
As the insurer of last resort, Citizens is supposed to provide policies to people who can’t get insurance in the regular market. In Florida — after years of rising rates, big storms and insurers leaving the area — that’s a lot of people.
#Florida-owned Citizens Property Insurance Corp. is proposing its maximum average rate hike — 14% — for its 1.2 million policyholders. https://t.co/jCMcm20xUM via @ronhurtibise
— Craig Pittman (@craigtimes) June 19, 2024