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

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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