Rate hike proposals averaging nearly 10 percent next year for South Florida customers of Citizens Property Insurance Corp. will be scrutinized in public hearings in Tallahassee on Aug. 18.
This year’s hearings begin at 9 a.m. in the Senate Office Building, Room 401, 404 S. Monroe St.
In June, the company said its rate hikes stemmed from increases in non-weather-related water claims and resulting lawsuits. Meanwhile, state insurance regulators said they want to know how Citizens’ loss projections will be affected by limitations on water damage coverage approved by regulators last spring.
If Citizens’ proposals are approved, customers with multi-peril policies in Broward would see rates increase by an average of 8.9 percent. Palm Beach County premiums would go up 9 percent, and Miami-Dade premiums would rise by 9.1 percent.
The Florida Channel plans to stream the hearings live on its website and possibly on its TV channel, Citizens spokesman Michael Peltier said.
Anyone who cannot attend but would like to submit comments to the state Office of Insurance Regulation should email email@example.com .