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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: RateHearings@floir.com. Include "Citizens" in the subject line of the email.

As of Wednesday, about 100 comments had been submitted.

Regulators bracing for full house at Citizens Property Insurance rate hearing Thursday 09/19/12 [Last modified: Wednesday, September 19, 2012 5:42pm]
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