Florida OKs More Citizens Insurance Rate Increases

By: Associated Press
By: Associated Press

Tallahasseem FL (AP) - Florida Insurance Commissioner Kevin
McCarty has approved more rate increases for state-backed Citizens
Property Insurance Corp.
McCarty signed an order Monday letting the state's largest
property insurer raise commercial nonresidential rates in high-risk
coastal areas by 9.9 percent.
That coverage in other areas will remain unchanged as the
company did not seek an increase.
Other increases include 10.4 percent for dwelling fire coverage
typically for rental properties, 8.1 percent for commercial
residential condominiums and 11 percent for condo association
wind-only coverage.
McCarty last month announced a 10.3 percent increase for
homeowners, who account for 758,705 of Citizens' 1.2 million
policies.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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Comments are posted from viewers like you and do not always reflect the views of this station.
  • by LydYa Location: Tallahassee on Oct 12, 2010 at 06:00 AM
    They should raise Citizen's rates. They are far lower than standard insurance carriers, so a lot of agents will write the business with them just so they can make the sell to the insured. What they don't tell the insured is they are getting just what they are paying for, basically, NOTHING. If there was a catastrophic event in Florida, there is no way that Citizens would be able to pay out all of their claims. Citizens should be the insurer of last resort. However, some agents are not using them that way. Private insurance companies don't need rate increases, they are already high enough. Citizens needs the rate increase to be able to cover their losses. Which is what is required of private insurance companies, but not required for Citizens.
  • by Brian Location: Tally on Oct 12, 2010 at 05:06 AM
    Nice to see that Citizens is granted every request they have to raise rates, but private insurance companies were routinely denied their rate increase request. Nice to see government at work for the citizens of Florida. Run all of the other insurers out of town, stick us with mostly one company, raise rates all the time and put Florida on the hook for billions of dollars in losses when the first major hurricane hits the state. Bunch of crooks!!!
  • by unmployed Location: ga. on Oct 11, 2010 at 09:43 PM
    just cancel and do without.if people would quit worring about every little thing these crooks would get the point afterwhile. it is like going to the doctor everyday. like my doctor said when it is your time you cant live with a doctor in your back pocket.
  • by Cheryl Location: Florida on Oct 11, 2010 at 06:08 PM
    Maybe McCarty needs to just pay these increases himself. The coastal businesses have suffered so much already with the oil spill. Floridians are drowning in debt and he wan't to hurt them more.
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