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...
Citizens Property Insurance
As hurricane season starts, Florida homeowners are seeking coverage from Citizens Property Insurance Corporation, the state's largest insurer, despite efforts to shift policies to private insurers. Factors such as litigation, fraud, and climate change risks contribute to its dominance. Florida's premiums are among the highest nationwide, and Citizens has grown significantly over the past year....