Earlier this year, Florida’s largest home insurance company, Citizens Property Insurance Corp., proposed the largest rate increase in the state’s history. The company sought to increase the average rates of insurance policies for homes and business by 400% throughout the state, along with a proposed 2,000% increase for certain, risk-prone counties. The proposal was opposed by several consumer advocacy groups, but that opposition proved futile as state insurance regulators approved the proposal. Since the approval, lawmakers have been struggling to find a balance between enacting the rate increase and granting…
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Massive rate increases from Florida’s insurance program approved
Early this week, Florida’s Citizens Property Insurance proposed massive rate increases for sinkhole coverage. On average, policies would be impacted by an increase of 428% throughout the state. The proposal was seen as excessive by many consumer advocacy groups, but the insurers that make up the state-run program argue that higher rates are needed to combat fraud. Despite the best efforts of opponents, the proposals were passed as part of Senate Bill 408. Now that the new rates have been approved, Florida residents can expect to pay a lot more…
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