As Citizens Property Insurance Corp. waits for a decision on a plan that would lead to double-digit rate increases for customers, the state-backed insurer remains on a path to grow to 1.7 million policies by the end of the year, President and CEO Tim Cerio said Wednesday.
Citizens, which was created as an insurer of last resort, have faced explosive growth during the past three years as private insurers have dropped customers and moved forward with major rate increases because of financial problems. As of Friday, Citizens had 1.322 million policies making it the largest property insurer in the state.
“We have to return to being the state’s property insurer of last resort,” Cerio said Wednesday during a meeting of the Citizens Board of Governors. “Instead, we are the state’s largest property insurer with the lowest rates on top of that. That is going to continue to distort the market and impede recovery efforts.”
But homeowners in some parts of the state have few if any, other choices than Citizens for coverage. During a hearing held last month by the Office of Insurance Regulation, leaders of the group Fair Insurance Rates in Monroe urged regulators to reject the proposed Citizens rate increases in Monroe County, which includes the Florida Keys.“The Citizens rate is the rate. And so if Citizens raises rates, rates go up,” Walsh said during the hearing.
But the insurance market took a hit this week when Farmers Insurance said it will end residential, auto and umbrella policies in the state. That will affect tens of thousands of customers, though it was not immediately clear how many homeowners’ policies are involved.
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