Tuesday, April 24, 2018
Business

Regulators bracing for full house at Citizens Property Insurance rate hearing Thursday

Florida insurance regulators are prepared for a potential capacity crowd Thursday at a public hearing in Miami over proposed rate hikes by massive state-run insurer Citizens Property Insurance.

The hearing will be in a 400-seat capacity room at the Chapman Center on Miami-Dade College's Wolfson Campus, 300 NE Second Ave.

Florida Insurance Commissioner Kevin McCarty is expected to attend the event, slated from 4 p.m. to 8 p.m. The Florida Channel (thefloridachannel.org) will stream the hearing live via Web Channel 9.

Citizens, by far Florida's largest property insurer, has proposed a 12 percent average statewide increase in its personal lines accounts and an 11.1 percent increase in its coastal accounts, formerly referred to as its high-risk accounts.

In addition, Citizens is proposing a revamp of sinkhole coverage rates, ranging from a decrease of 35.1 percent in non-coastal areas of Palm Beach to an increase of 111.9 percent in Marion County. In the Tampa Bay region, long a major source of sinkhole claims, Hernando, Hillsborough and Pasco counties face a potential 50 percent increase.

Those unable to attend may submit comments to the Florida Office of Insurance Regulation by sending an email to: [email protected] Include "Citizens" in the subject line of the email.

As of Wednesday, about 100 comments had been submitted.

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