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TAMPA, Fla. (WFLA) — Customers of Citizens Insurance could see a double-digit rate increase. The state-backed “insurer of last resort” is requesting an 11.5% rate hike for most Florida policyholders in their revised pitch to regulators.
Some customers said they can’t afford the suggested increase. One homeowner tells News Channel 8, “That would probably put us over the edge.”
In June regulators denied the Citizens’ original request for a 12.6% rate hike. Wednesday, leaders with the company are expected to pitch their revised plan with a slightly lower rate.
“Beginning Dec. 16 these new rates will kick in once we get the approval of the office,” spokesperson Michael Peltier said.
The back and forth comes as more and more private insurers leave the state. According to Peltier, the situation has caused a rapid increase in the number of Citizens policyholders.
He says recent legislative reform on the issue could lead to future relief for customers.
“It’s still to come. I think we are seeing some encouraging signs in the market. Right now, we’re seeing some renewed interest from private carriers to come in for the state to expand their portfolios in the state,” he said.
Citizens is expected to outline their revised plan during a meeting in Tallahassee at 8:30 a.m. Wednesday.