Fla. largest insurer to consider rate hikes

Posted at 7:46 AM, Jun 26, 2013
and last updated 2013-06-26 04:05:53-04

MIAMI (AP) - Florida's largest property insurer is readying another round of rate hikes that could affect more than a million policy holders.

The board for Citizens Property Insurance Corp. is scheduled to meet in Miami on Wednesday. If approved by the board and state regulators, the overall statewide rate hike for all customers next year will be between 6.9 percent and 8.8 percent. Many customers could face higher increases because they use Citizens to cover only storm-related damages.

Citizens is the insurer of last resort in the state and it covers many homes and property that traditional insurers do not cover. But because of rate caps, Citizens says it does not charge as much as it actually needs to cover potential claims.