Citizens Insurance wants steep rate hikes to discourage new customers

The folks who run Citizens Property Insurance Corp. probably don’t want you to hear this, but you can save up to 39% off your insurance bill if you switch from your current home insurer to the state-owned “insurer of last resort.”

But you’d better hurry and call your agent. Citizens wants to raise its rates to make it a less attractive option.

Alarmed by rapid increases in the company’s policy count, members of Citizens’ Board of Governors on Wednesday declared their intention to move aggressively to get smaller. That means finding ways to charge more money so fewer consumers will be eligible to buy insurance from Citizens.

Currently, customers can sign on with Citizens only if they cannot otherwise find a private-market insurer willing to cover them, or if the only available options are priced more than 15% above what they would pay with Citizens.

Read more: https://www.sun-sentinel.com/business/fl-bz-citizens-insurance-price-pressure-20201216-nu6x3a46lvca5kfonftgdqlo5a-story.html
(South Florida Sun-Sentinel)