Homeowners insurance rate cap dodges from Citizens targeted by South Florida legislators

Homeowners Insurance

New legislation is taking aim at efforts the insurer has made to get around the limit. Lawmakers in South Florida have just filed new legislation with the goal of stopping Citizens Property Insurance from being able to get around the homeowners insurance rate increase cap of 10 percent, by charging the higher rates only to new customers. This largest property insurer in Florida was tinkering with the idea throughout the last half of 2012. The state backed homeowners insurance company of last resort has a rate increase cap applied against…

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