Tag: citizens insurance rates

Homeowners insurance customers at Citizens to pay 6.3 percent more

G. Turner
homeowners insurance rates

A rate hike was just approved for the property coverage in Florida for the state backed insurer. Next year, homeowners insurance customers who remain with Citizens Property Insurance Corp. in Florida will see an average increase in their rates by 6.3 percent following the approval that was just received for the change. The Office of Insurance Regulation gave its approval of this rate, which was lower than the original request. The initial proposal for the homeowners insurance rate hike at Citizens had been 7.9 percent. The comparatively lower increase will…

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Citizens Insurance will make significant changes to its reinspections

Julie Campbell
insurance industry report

Following consumer outcry and heavy media attention, the insurer will be altering the program. Citizens Insurance has now announced that it will be overhauling its highly controversial reinspection program, following significant consumer upset as well as massive negative media coverage. So far, the program has led to a tremendous $137 million in premiums increases. The new plans for the program will give homeowners who have lost their discounts on their Citizens Insurance policies, the opportunity to have a second inspection, free of charge, at which time they can either have…

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Homeowners insurance makes it tougher to purchase a house in Florida

homeowners Insurance

The coverage industry in the state is having a large impact on real estate. Though buyers are returning to the real estate market as they start to lose their hesitation to buy a property and regain the means with which to do so, but the homeowners insurance prices in Florida are making those same consumers balk. In some cases, it is leading buyers to decide against a purchase, in others, they are swamped after they’ve bought. Depending on the neighborhood in Florida, the homeowners insurance premiums can be prohibitive for…

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Citizens Insurance makes decision to raise Florida rates

Florida homeowners insurance, Citizens Property

The board has voted and decided on a statewide average increase of 10.2 percent. The Citizens Insurance board voted on Friday, July 27, 2012, and has decided to increase its rates across Florida by an average of 10.2 percent. This will boost insurance costs to homeowners by $250 million. Policyholders and consumer groups are enraged over the Citizens Insurance increases, as they are already being weighed down by the prices of higher deductibles, re-inspection costs, and reduced coverage. This vote is the latest step in the Citizens Insurance campaign to…

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Citizens Insurance withdraws discounts for damage prevention

Marc
Florida Homeowners Insurance

Home inspections for hurricane proofing efforts have led to several revoked premiums decreases. Citizens Insurance has been visiting homes throughout Florida that have received a discount on their premiums based on their hurricane proofing efforts, and has revoked the price advantage for many whose preventative techniques are inadequate or nonexistent. This has put the insurer under a great deal of fire. Almost three quarters of the 225,502 homeowners who are covered by Citizens Insurance and that underwent the inspections have seen price increases based on the reports of the inspectors.…

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