Regulators To Consider Citizens Rate Hike

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TALLAHASSEE (CBSMiami/NSF) - Regulators will hold a public hearing next week on proposals that would raise rates for many customers of the state-backed Citizens Property Insurance.

The Citizens Board of Governors approved the proposed increases in June, pointing to what the insurer describes as a "crisis" in costly water claims.

The proposed rate changes, which would take effect in 2017, would have varying effects, depending on types of policies and factors such as where customers live. But, for example, the proposals include an overall 6.9 percent rate increase for homeowners with multi-peril policies, according to the Office of Insurance Regulation.

After the hearing, regulators will continue to take written comments on the proposals until September 1st. The Office of Insurance Regulation ultimately will decide whether to approve the proposals.

The News Service of Florida contributed to this report.