With Citizens Property Insurance looking to hike its rates by an average of 10% next year for customers in south Florida, public hearings on the matter will be held in Tallahassee on Aug. 18.
Florida’s law requires annual hearings by the state Office of Insurance Regulation over rates proposed by Citizens.
According to
Sun Sentinel, the hearings this year begin at 9am, in the Senate Office Building, Room 401, 404 S. Monroe St.
Citizens claimed in June that its request for rate hikes came from a surge of non-weather-related water claims and the lawsuits they brought about.
State insurance regulators said that they want to know how the insurer of last resort’s loss projections will be affected by restrictions on water damage coverage approved by regulators last spring.
Should Citizens’ proposed rate changes receive approval, customers in Broward with multi-peril policies would see their rates increase by an average of 8.9%. Similarly, Palm Beach County and Miami-Dade premiums would rise by an average of 9% and 9.1%, respectively.
Citizens spokesman Michael Peltier said that the Florida Channel has plans to stream the hearings live on its website and possibly on its TV channel, as well.
Those who cannot attend the hearings but would like to voice their comments on the proposals can submit their comments to the state Office of Insurance Regulation via email.
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