Florida Insurers Seek Rate Hike
This is a news story, published by Newsweek, that relates primarily to Citizens news.
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highest home insurance ratesNewsweek
•Florida's biggest insurer says it needs to increase rates by 93 percent
75% Informative
Citizens Property Insurance Corp. has requested a 13.5 percent rate hike but says it needs a nearly 93 percent increase to match the competitive market.
Citizens ' chief actuary said this would increase the average price of homeowners multi-peril policies, the insurer's most common type of policy, from $ 3,560 to $ 4,041 .
Citizens was established as a state-backed insurer of last resort for residents who couldn't get plans elsewhere.
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