State-run Citizens Insurance Holding public meeting on HUGE rate hikes
They’re called the insurer of last resort, and Citizens Property Insurance Corporation has certainly lived up to its name.
Citizens is requesting major rate hikes for many of its customers who will soon get a chance to voice their opinions on the over 10% spikes in many cases.
Florida Atlantic University, Biscayne Bay Campus in North Miami will host the public hearing on Aug. 23 at 4 p.m. Those with concerns or questions are encouraged to participate. The area hearing is required each year.
Policyholders in Broward, Palm Beach and Miami-Dade counties have received news for the third straight year that their rates will have to rise up to cover the cost of inflated claims that the company says were brought about by water restoration contractors and their attorneys.
To put into perspective the average increase, Broward single-family dwellings will see a 10.4 percent jump, while Miami-Dade would pay an additional 10.5 percent, Palm Beach County policies would be raised 9.3 percent.
Additionally, Citizens Insurance has implemented a series of policy modifications with a common goal of saving the company money. Changes such as limiting one non-weather water loss within three years and two within five years for policy holders. Their new managed repair program began July 1.
In other areas of Florida, homeowners in 56 of 67 counties would see rates decrease or remain the same.
The hearing will be at FAU’s Biscayne Bay Campus, Kovens Conference Center, Bayview Ballroom South, Room 214A. The campus is at 3000 NE 151st St. North Miami, FL