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Citizens wants to lower property insurance rates

 

TALLAHASSEE, Fla. – June 24, 2014 – Nearly seven out of 10 Citizens Property Insurance Corporation personal-lines policyholders would see rate reductions in 2015 under a slate of rate recommendations being considered today by the Board of Governors in Orlando.

Under the rates proposed by Citizens, policyholders with homeowners policies would see an average decrease of 3.2 percent, while mobile-home owners would see an average 3.9 percent.

The 2015 recommended rates will be submitted to the Florida Office of Insurance Regulation, which must establish rates for Citizens before they take effect.

The lower rates come as a surprise to some observers since Citizens has been trying to raise rates to become actuarially sound, but has been hamstrung by a law that allows it to raise rates no more than 10 percent per year.

"While rates for many policy types and areas have been inadequate in the past, the gradual phasing in of sound rates beginning in 2010 has helped Citizens to attain actuarial soundness in many areas," Citizens says in its 2015 Rate Kit. "Pockets of inadequacy persist, mostly near the coast and for older homes, condos and mobile homes, but the majority of Citizens policyholders will see an actuarially sound rate that is similar to last year's indications or even a bit lower."

Citizens posted a PDF of frequently asked questions on its website. It offers additional information about the proposed rate decrease.

© 2014 Florida Realtors®

 

Related Topics: Property insurance