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...
Rate Hike
The Federal Reserve has decided to keep interest rates unchanged for the second consecutive month, but there is a possibility of a rate hike in December. The benchmark interest rate remains at its highest level in 22 years. The next interest rate decision will be made in December, and it is uncertain whether rates will be raised. The Fed uses interest rates to stimulate or slow down the economy. Rate...