Currently under State Law the rate increase was mandated to be no more than 10%. The Citizens Insurance Board of Governors wants to raise that cap to a higher rate like 25% or more. This is designed to make people get out of Citizens and not make the rate look so attractive. The increase would also allow more Private Insurance carriers to pick up some of the business and get the State of Florida off the hook for the coverage’s. Citizens Currently insures 1.5 million people and Governor Rick Scott wants that number cut in half in the next 3 years or sooner. All of the changes that have occured so far have all been ordered by Governor Scott to help expedite the process. He wants Citizens to become the Insurance company of last resort again and not a competitive carrier like it is currently. The rate cap is a Legislative one and must go through the Florida Congress in Tallahassee for approval and none of them want to vote on this issue this year which is why the cap remains. Senator Fasano has been an advocate for keeping the rates down to help the economy and the Realtor association FAR has also done the same because insurance rates are so high that the Real estate market is having a tough time and it is hurting the business which is a problem for all of us. The bottom line is that this will occur and most likely next year, so be Prepared.This article was sent t us by our Friends at First State Insurance. Please enjoy the Full article below by Paul Owers and Julie Patel of the Fort Laderdale Sun Sentinal and also call L & S Insurance at 1-888-244-7400 for all of your quotes for Home, Auto, Flood, Business & Commercial and even Life Insurance.
April 27, 2012
Citizens Insurance, rate hikes for Fort Lauderdale and all of Florida soon.Posted by homeinsuranceguru under Auto Insurance, Citizens Insurance, Flood Insurance, Fort Lauderdale, Governor, Governor Rick Scott, Home Owners Insurance, Julie Patel, Rick Scott GOP, Senator Fasano, Sun Sentinal, Tallahassee | Tags: Auto Insurance, Car Insurance, Citizens, Flood Insurance, Florida, Fort Lauderdale, Governor, Governor Rick Scott, Home, Homeowners, Insurance, Julie Patel, our partners at www.1ststate.net, Paul Owers, Senator Mike Fasano(R), Sun Sentinal |
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