citizens property insurance

Citizens Insurance CEO: Rate Hike Due To Spike In Water Claims

Aug 25, 2015
maxstrz / Flickr Creative Commons

A "disturbing" rise in water-damage claims in South Florida is driving Citizens Property Insurance Corp. to seek an average 3.2 percent increase in rates for many homeowners, the president of the state-backed insurer said Tuesday.

  Without the surge in reported residential water damage over the past two years, which is causing the agency to alter its approach to such claims,Citizens would be asking for an average statewide rate decrease, Citizens President and CEO Barry Gilway said during a rate hearing before the Office of Insurance Regulation.

Last weekend hurricane Danny strengthened to a Category 3 major storm with winds at 115 mph. It's now down to a tropical depression.

While Florida hasn't seen a major storm since Hurricane Wilma blew through in 2005, Florida Division of Emergency Management Director Bryan Koon says residents should prepare every year right around May.