Citizens Insurance makes moves to raise rates, policy holders don't want to pay
11:50 PM, Jun 26, 2013
4:29 AM, Jun 27, 2013
WEST PALM BEACH, Fla. - The state's largest insurance provider has approved rate hikes that could affect more than 1 million policy holders.
Citizens Insurance could raise rates an average of about 7 percent in 2014.
The hikes would vary on the amount of coverage someone needs, and the location of their property.
Some homes in Jensen Beach are older and close to the water, giving property owners a harder time finding insurance coverage.
For many, Citizens Insurance is a last resort for coverage. Now they may be left with no option but to pay more, or go unprotected.
The decision also comes nearly a month after Citizens decided to cut early 60,000 policy holders. The company typically charges less than what it says it actually needs to cover damage. That's because they say most people only use the insurance for storm protection.
Citizens has reported being millions of dollars in the black, leaving some property owners to wonder why there's a need to raise rates.
"I didn't even know they were raising their rates, so now I'm going to be really like,ticked off. I wouldn't pay them another penny. I'm going to look elsewhere and as a matter of fact I was already looking," said policy holder Susan Dunlap.
Citizens is one of the top rated Florida-based insurers for financial strength. Rates still have to be approved by the Florida Office of Insurance Regulation.