"For a second straight year, Florida Gov. Ron DeSantis said Citizens Property Insurance Corp. has been ordered to roll back its rate requests. A month after the state-owned company's Board of Governors voted to ask regulators to approve a 2.6% statewide average rate cut, DeSantis called a news conference to announce that the Florida Office of Insurance Regulation had reduced the cut to -8.7%."
"During Monday's news conference at Broward College's Davie campus, DeSantis said that Citizens' recent recommended cuts - the first cuts in a decade - were "milquetoast." "It was maybe some very modest reductions but really didn't fully capitalize on the momentum in order to deliver wins for the policyholders," he said, referring to reduced rates requests filed by private market insurers over the past year and a half."
Florida regulators reduced Citizens Property Insurance Corp.'s requested statewide average rate change to an 8.7% decrease after the company board sought a 2.6% cut. More than 150,000 of about 400,000 customers of the state's insurer of last resort would see rates cut by more than 10%, with new rates set to take effect June 1. Officials credited 2022 and 2023 litigation reforms with lowering private insurers' costs and prompting rate-reduction requests across the private market. Rising home reconstruction costs have kept average homeowners premiums largely stable rather than producing significant declines. Citizens has not yet received finalized regulatory orders or detailed geographic impacts.
Read at Sun Sentinel
Unable to calculate read time
Collection
[
|
...
]