We at County Insurance Group have our pulse on what is going on in the insurance industry. Our focus is on providing affordable auto insurance, affordable home insurance and affordable commercial insurance coverage. So, when the The Florida Office of Insurance Regulation approves a 6.4 percent overall rate increase for 2017 for Citizens Property Insurance Corp. we are the first to communicate that to you. Homeowners across the state will get an increase which has been necessary to address what it calls a disturbing increase in “Non-Weather Water Loss claims and litigation”.
State insurance regulators made adjustments to Citizens 2017 rate request following a public hearing in August, making minor reductions to Citizens loss trends for homeowners multiperil rates while accepting Citizens’ proposal regarding increases in rates for wind-only coverage.
The effective date for both new and renewal rates within the Personal Lines Account (PLA) and Coastal Account (CA) is February 1, 2017. Rate filing decisions for the commercial residential and commercial non-residential accounts are still pending.