The Florida Office of Insurance Regulation held a hearing regarding a potential rate increase of over 10% for Citizens Property Insurance, which already has the highest home insurance rates in the U.S. Citizens argues that a 13.5% increase is necessary to maintain its role as an "insurer of last resort" and to ensure it can pay claims after storms. CEO Tim Cerio attributes the need for higher rates to hurricanes and legal issues affecting private insurers. The Office must approve any rate changes, with the possibility of reducing or denying the increase.
Continue to full article
