Citizens Property Insurance Corp. wants to raise its rates 14% over the year beginning Nov. 1. The company hopes that will convince some of its 1.2 million customers to go elsewhere. But rising premiums at private-market insurers might make that easier said than done.
There's some good news for South Florida customers of Citizens Property Insurance Corp.: State insurance regulators have ordered the company to reduce rates for tens of thousands of homeowners in Broward, Miami-Dade and Palm Beach counties who wouldn't have qualified for the reductions under Citizens' original rate-hike proposal.
Citizens Property Insurance Corp. announced it has settled its 2020 lawsuit accusing a Coral Gables law firm and two other companies of carrying out a multi-year insurance fraud scheme involving a home repair firm and public adjuster firm. Terms of the settlement call for the defendants, led by attorney Scot Strems, to pay $1 million to Citizens.
Citizens, the Fla.-operated “insurer of last resort,” OK’d a $1M settlement with Coral Gables’ Strems Law Firm after alleging its actions pushed up insurance costs.
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