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Florida's state-created insurer wants a hefty rate hike

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Posted at 2:59 PM, Dec 12, 2018
and last updated 2018-12-12 14:59:27-05

MAITLAND, Fla. (AP) — One of Florida's largest property insurers plans to raise its rates.

The board that controls Citizens Property Insurance voted on Wednesday to approve an overall statewide rate hike of 8.2 percent for homeowners, condominium owners and renters. If approved by state regulators, the rate hike would take effect in September 2019.

The board of the state-created insurer had planned to vote on a rate hike this past summer. But the vote was delayed until December at the urging of Chief Financial Officer Jimmy Patronis. Patronis was elected to a four-year term in November.

Citizens officials argue that the rate hike is needed because of a surge in non-weather-related water losses, such as those caused by broken pipes.

Citizens has nearly 435,000 policyholders, including many homeowners in South Florida.