Heritage Property & Casualty is looking to increase its rates for former customers of the state-run insurer, Citizens Property Insurance Corp.
The insurer filed its annual rate proposal with the Office of Insurance Regulation on April 6. The agency has 90 days to review the proposal and can either approve the plan, reject it, or request changes for it.
According to a report from the Sun Sentinel, Heritage plans to have the rates of those customers increase by an average of 14.9%. If approved, the increase will be effective Sept. 1.
Former Citizens policyholders based in Palm Beach, Broward and Miami-Dade counties will be affected the most. Over 17,000 single-family homeowners in Broward and Palm Beach could experience a 19.5% surge in their rates a year, based on the company’s estimates. Miami-Dade customers might see a 16.3% increase on their end.
Heritage president Richard Widdicombe said in a phone interview with Sun Sentinel that recent significant claims losses and a surge in lawsuits related to the assignment of benefits abuse rampant in the state were the reasons for the company’s decision to raise its rates.
