Post by Logan on Apr 10, 2016 5:48:26 GMT -6
The state's fourth-largest homeowner insurer, Heritage Property & Casualty, is seeking an average 14.9 percent rate increase for former customers of state-run Citizens Property Insurance Corp. effective Sept. 1.
If approved, former Citizens policyholders in Palm Beach, Broward and Miami-Dade counties would be hit particularly hard. More than 17,000 single-family homeowners in Broward and Palm Beach counties could see rates increase by at least 19.5 percent a year, according to the company's estimates. In Miami-Dade, 11,695 customers could see bills increase by 16.3 percent or more.
The company filed its annual rate proposal on Wednesday with the state Office of Insurance Regulation. The office has 90 days to review the proposal and can approve, reject or request changes to it.
Heavy recent claims losses and a recent surge in lawsuits related to assignments of benefits are to blame, company president Richard Widdicombe said by phone Friday.
Read more: www.sun-sentinel.com/business/consumer/fl-heritage-seeks-15-percent-property-insurance-hike-20160408-story.html
If approved, former Citizens policyholders in Palm Beach, Broward and Miami-Dade counties would be hit particularly hard. More than 17,000 single-family homeowners in Broward and Palm Beach counties could see rates increase by at least 19.5 percent a year, according to the company's estimates. In Miami-Dade, 11,695 customers could see bills increase by 16.3 percent or more.
The company filed its annual rate proposal on Wednesday with the state Office of Insurance Regulation. The office has 90 days to review the proposal and can approve, reject or request changes to it.
Heavy recent claims losses and a recent surge in lawsuits related to assignments of benefits are to blame, company president Richard Widdicombe said by phone Friday.
Read more: www.sun-sentinel.com/business/consumer/fl-heritage-seeks-15-percent-property-insurance-hike-20160408-story.html