Citizens Property Insurance Corp., the Florida-run "insurer of last resort," is proposing an across-the-board rate hike of nearly 11%, the highest increase allowed by law.
Proposed insurance reforms aimed at reducing costs and preventing insurers from leaving Florida advanced in the state Senate on Wednesday. One proposal would eliminate a requirement for companies to offer full replacement coverage, while another would make it harder to stay in state-owned Citizens Property Insurance Corp.
Florida home insurance customers could get a substantial break from rising rates saving about $150 a year if they no longer had to pay into the state’ s hurricane insurance reserve fund and if insurance companies could access those reserves more easily with fewer overall claims losses. Jeff Brandes, a Pinellas County Republican, could save Florida consumers.
Could you use an extra $150 a year? Advocates say Florida property insurance consumers could save $750 million to $1 billion a year by tweaking the Florida Hurricane Catastrophe Fund.