hile it was set up to be non-competitive with the private insurance market, Citizens' rates are priced considerably below market. According to Tim Cerio, Citizens president, CEO and executive director, Citizens' HO-3 policies are 44% cheaper than the nine competitors that hold 24% of the market. (Credit: Citizens Property Insurance Corporation) While it was set up to be non-competitive with the private insurance market, Citizens' rates are priced considerably below market. According to Tim Cerio, Citizens president, CEO and executive director, Citizens' HO-3 policies are 44% cheaper than the nine competitors that hold 24% of the market. (Credit: Citizens Property Insurance Corporation)

Citizens Property Insurance Company, Florida's state-backed insurer, is looking to increase personal property rates an average of 13.4% and commercial rates 11.7%. The proposed increases still require approval by the state's insurance department.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

Commercial Lines
Personal Lines
Property & Casualty