Florida’s recent fixes for the home insurance market were not supposed to be overnight fixes. For a market that’s seen as much turmoil as Florida’s has in recent years, it’s unclear that anything could have brought solutions overnight.
But this week, that reality was brought into the spotlight, as Citizens and several other insurers announced they are requesting significant rate hikes.
Citizens is seeking an average 14.2% rate increase statewide. First Community Insurance Company, wants a 44.8% increase in their homeowners rates. KIN Interinsurance Network is asking for a 61.5% bump.
Now, regulators must approve those requests, so they aren’t set
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