Citizens To Ask Florida For Insurance-Rate Hikes, Blaming Water Claims

Continuing to point at “out of control” water damage claims, the Citizens Property Insurance Board of Governors on Tuesday unanimously backed proposed rate increases that would hit South Florida policyholders hardest next year. The changes, if approved by state regulators, would boost personal-lines policies on average by 5.3 percent and commercial lines by 8.4 percent. Personal-lines policyholders are homeowners, condominium-unit owners and renters. The state-backed insurer also moved forward with a “stopgap” approach to water-damage claims not caused by hurricanes, floods or other weather-related events.