Citizens Property Insurance's board approves rate hike

The rates still need to be approved by the Florida Office of Insurance Regulation to go into effect.
Citizens Property Insurance Co.’s board approved an 8.2 percent average rate increase for its policyholders this week, kicking it over to the Florida Office of Insurance Regulation for final approval. Pictured is Barry GIlway, president of the insurer, in 2012. [Associated Press (2012)]
Citizens Property Insurance Co.’s board approved an 8.2 percent average rate increase for its policyholders this week, kicking it over to the Florida Office of Insurance Regulation for final approval. Pictured is Barry GIlway, president of the insurer, in 2012. [Associated Press (2012)]
Published December 12 2018

Citizens Property Insurance Co.'s board of governors approved recommended rates hikes on Wednesday that are some of the highest in recent years with a vote of 8 to 1.

Board member Bette Brown, the board's consumer representative, voted against the rate hike.

If approved by the Florida Office of Insurance Regulation, homeowners policies under Citizens would increase by an average of 8.2 percent. The increase, Citizens said, is to account for higher legal fees spurred by increased litigation over water damage claims not related to storms.

"Approving these rates doesn't mean there's no turning back" or adjusting after the upcoming legislative session, said Citizens' chief actuary Brian Donovan during the vote call Wednesday.

Contact Malena Carollo at [email protected] or (727) 892-2249. Follow @malenacarollo.

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