Regulators have approved an average 10.8 percent average statewide rate hike for Citizens Property Insurance Corp.
This, of course, follows, recent moves by Citizens to reduce coverage and remove discounts that resulted in premium increases for many customers.
State-backed Citizens says it’s concerned that it doesn’t have enough money to pay claims if a major storm hits Florida. The insurer says it’s removing discounts only from homeowners who don’t deserve them.
But outrage is growing, with consumers saying Citizens is pricing them out of a market in which there are no other alternatives.
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