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As property premiums rise, should state-run Citizens be charging more?

There is a school of thought that says Citizens Property Insurance Corp. should, like its counterpart in Louisiana and the private market, raise its premiums.


  • By Louis Llovio
  • | 5:00 a.m. August 30, 2023
  • | 0 Free Articles Remaining!
Nearly a year after Hurricane Ian the clean up continues on Fort Myers Beach.
Nearly a year after Hurricane Ian the clean up continues on Fort Myers Beach.
Photo by Steffania Pifferi
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In late August, Florida’s Office of Insurance Regulation responded to request from Citizens Property Insurance Corp. to raise its rates for property insurance an average of 13.1% by issuing an order sending the state’s insurance company of last resort back to the drawing board.

It must, OIR said in the order, not raise its rates more than 12%.

 


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Louis Llovio

Louis Llovio is the deputy managing editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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