The insurance company that covers most of Florida’s coastal property owners is considering raising its rates by an average of 80 percent statewide.
The highest proposed hike is 253 percent for Escambia County. Locally, Franklin and Wakulla Counties' proposed hikes are at 12 and 22 percent respectively.
Spokesman Justin Glover says the rate hike is by no means a done deal, but citizens have to cover its costs.
Justin Glover says, “It looks at citizens' individual hurricane risks for areas like the panhandle, areas like south Florida, and the fact that citizens had a $516 million deficit last year. We have a responsibility to make sure we can pay hurricane claims.”
Citizens' Property Insurance Corporation will discuss the proposal at its meeting next month.
If citizens’ board of governors opts to go through with it, the rate increase would still be subject to a public hearing and approval by the State Insurance Commission.
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