South Florida Hearing Scheduled To Discuss Citizens Rate Request

Aug. 15--South Florida residents angry about double-digit rate increases proposed by state-run Citizens Property Insurance Corp. for 2018 won't have to travel far to make their views known.

State insurance regulators plan a public hearing on the requested rate hikes at Florida International University's Biscayne Bay Campus in North Miami on Aug. 23 at 4 p.m. The hearing will be Kovens Conference Center, Bayview Ballroom South, Room 214A. The campus is at 3000 NE 151st St.

Citizens unveiled its proposed rate increases in June, and like the last two years, want policyholders in Broward, Palm Beach and Miami-Dade counties to bear the burden for claims abuses the company blames on water restoration contractors and their attorneys in the region.

Because of Citizens' unique status as the state-run "insurer of last resort," state law requires the Office of Insurance Regulation to hold hearings every year before approving rates for the following year.

Single-family homeowners in Broward would see their annual premium increase 10.4 percent, or $294, for multiperil coverage, while Miami-Dade customers would pay an additional 10.5 percent, or $359.

Palm Beach County policyholders would fare nominally better. Their premiums would be increased 9.3 percent for an average hike of $246.

The rate increases, which must be approved by state insurance regulators, would bring average premiums to $2,929 in Broward, $3,312 in Miami-Dade and $2,964 in Palm Beach County. Elsewhere in the state, homeowners in 56 of 67 counties would see rates decrease or remain flat.

This year, rates went up 8.9 percent to 10 percent in most of the tricounty region.

After the state Legislature failed last spring to enact reforms sought by Citizens, the company's Board of Governors approved policy changes intended to save the company money. They include a $10,000 cap on non-weather-related water losses for customers who decline to use preapproved contractors in Citizens' new managed repair program that began July 1.

Also, policyholders would be limited to one non-weather water loss within three years and two within five years.

The Office of Insurance Regulation has not yet approved the policy changes but generally makes its decisions in early September.

Members of the public who can't attend the public hearing but still want to comment on the rate filing can email them to [email protected] until 5 p.m. Aug. 31.

[email protected], 954-356-4071, twitter: twitter.com/ronhurtibise

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