Brickbats to the State-backed Citizens Property Insurance Company
Brickbats to the state-backed Citizens Property Insurance Company for raising rates 7 percent for its 1.26 million customers as it attempts to shed policies, according to the News Service of Florida. The move comes with Citizens having a $6.4 billion surplus for emergencies. Earlier, the Citizens board approved deals with private insurers to take out policies, at a cost to Citizens of $115 million. For single-family coverage, the average non-sinkhole rate will increase to $2,112 next year, up from $1,961 this year. The Florida Office of Insurance Regulation must still approve the rate increase. State legislators are expected to review the decision-making practices of the company this fall.