"Why don’t we just go for the 11% and call it a day?"
Customers of Citizens Property Insurance Corp., Florida’s insurer of last resort, will pay hundreds of dollars more a year after Aug. 1 if state regulators OK the 11% and 12% statewide maximum allowable rate increases approved by the company’s Board of Governors on Wednesday.
Carlos Beruff, chairman of Citizens’ board of governors, convinced fellow board members to jettison recommendations from the company’s actuaries. Those recommendations called for rate increases averaging 8% for policies purchased by homeowners and condo owners.
Beruff interrupted a presentation by a Citizens official who was attempting to explain why customers in some counties would see lower increases than in others.
Read more at the South Florida Sun-Sentinel