PEMBROKE PARK, Fla. – Florida’s public not-for-profit property insurer of last resort is pushing for double-digit rate increases.
Tim Cerio, the president of Citizens Property Insurance Corporation recently presented the 14% increase proposal to regulators.
Florida Rep. Daniel Perez, the designated speaker of the Florida House, told This Week In South Florida Anchor Glenna Milberg it’s necessary.
“You don’t want to make the difference and the private market such a large gap that the private market can’t begin to acquire new policies and can’t compete with Citizens,” Perez, R-Miami, said.
If the Florida Office of Insurance Regulation approves the rate increase, customers who renew next year will feel the impact.
“If we keep Citizens rates extremely low, then at the end of the day the taxpayers … get stuck holding the bag,” Perez said.
Florida Republicans’ focus has been on supporting policies that push as many Citizens’ policyholders as possible out of subsidies and into the private marketplace.
Florida, already among the most expensive states for home insurance, will get hit with one of the highest annual spikes in the country, the National Association of Realtors warned in May.
The state’s official record is open for public comment through Aug. 15 and can be emailed to ratehearings@floir.com with the subject line “Citizens Property Insurance Corporation.”
Regulators plan to decide by Aug. 26
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