Some Citizens rates already increasing
by Michael C. Bender | March 17th, 2009
Walter Baker poses in front of his Lake Worth home, in which he has lived since 1998. 'I was paying $1,370 per year,' he says of his windstorm insurance. 'Now Citizens wants to charge me over $3,000 It is ridiculous.' (Bruce R. Bennett/Palm Beach Post)
While a three-year freeze on rates from Citizens Property Insurance Corp. expires this year, the state-run insurer is in the midst of reassessing 350,000 coastal properties with wind-only coverage, Post reporter Jeff Ostrowski writes today.
Thanks to a rate freeze that took effect in 2006 and lasts through this year, Citizens policyholders have enjoyed a respite from big jumps in their bills. But homeowners like Baker are seeing premiums soar anyway as the insured value of their property is reassessed.
…
“This is in no way a way around the rate freeze,” said Citizens spokesman John Kuczwanski. “It is an effort for us to collect premiums on the actual risk we insure.”
Tags: Citizens, Property Insurance
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April 16th, 2009 at 3:05 pm
[...] for Citizens policy holders. The state-run insurer has not increased rates since 2006. (Although, here’s a story about how Citizens inflated some [...]