Florida public insurer Citizens may hike rates

FORT LAUDERDALE, Fla. - The governing board of Florida's public insurance carrier is recommending a rate hike averaging 8.4 percent statewide.

The increases suggested Monday for Citizens Property Insurance Co. would vary by location. In some parts of South Florida, prices could increase as much as 11.3 percent. In others, like Miami Beach and coastal Broward and Palm Beach counties, rates could actually decrease.

The insurer say the rate adjustments are necessary to offset increasing claim payouts for fires, sinkholes and other calamities.

Citizens was formed to cover property owners who can't find a private company willing to insure them.

The changes must still be approved by Florida's Office of Insurance Regulation.