Florida Regulators Holding Hearing on Citizens Rates

MIAMI (AP) -- State Sen. Mike Fasano, a longtime critic of Florida's largest property insurer, is urging regulators to turn down its request for higher rates.
The New Port Richey Republican said Thursday at a rate hearing in Miami that state-backed Citizens Property Insurance Co has already in effect raised rates. Fasano cited inflated replacement values of homes and revoked discounts that customers get for strengthening their homes against hurricanes.
Citizens wants state approval to raise rates for homeowners in coastal areas, which are at higher risk for hurricane damage, by a statewide average of 11.1 percent. The proposed increase for homeowners in other areas averages 12 percent. Increases, though, would differ from one area to another.
The company also is seeking similar increases for mobile homes, condominium associations and other properties.

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