 |
Bay News 9
Local Programming
On Demand
About
Community
Market Place
Services
Rate hike approved for state-run insurance provider
Rate increases could be necessary to keep the company from going bankrupt in the aftermath of a major hurricane.
TALLAHASSEE (Bay News 9) -- Lawmakers have decided it's time for state-run Citizens Property Insurance Corp. to raise its rates.
Ironically, 80,000 Citizens customers, including some in the Tampa Bay area, could see their bill get even cheaper.
Projections call for cutting rates for customers in Pinellas County by 16 percent. But customers shouldn't expect to see that much of a drop because along with rate hikes, the board voted to cap reductions at 10 percent.
Also, the new rates still have to be approved by state regulators. Deputy insurance commissioner Belinda Miller has her doubts.
"What you're looking at appears to me to be raw data, and it needs to be worked on by actuaries before we even know if a rate decrease is justified at all for that county," Miller said.
Rate increases could be necessary to keep the company from going bankrupt in the aftermath of a major hurricane.
Citrus County is also in line to see lower Citizens rates -- the projections called for a 12 percent drop.
Insurance regulators say they'll reach a final decision sometime before the end of August.
Be in the Know with Bay News 9 Now!
Get news, weather, and traffic alerts delivered directly to your computer desktop, e-mail, or cell phone with Bay News 9 Now.
- Subscribe for free!
More State Stories
- New report drills hole in Florida oil drilling debate
- SeaWorld trainer video won't be released
- Helium leak may delay shuttle launch
- Florida's tomato prices soar after dismal winter
- BHSN: FHP reveals new details on Tiger Woods incident
- Smelly feet may be cause of odors at Fla. airport
- Tiger to return at Bay Hill in Orlando?
- Gambling at the top of state lawmakers list today
Good, Green Fun
Festivals, green beer, and more ways to celebrate St. Paddy's Day!
| |
Select the size text you want to use to view www.baynews9.com from the choices below.
Bay News 9's Partners
 |  |  |
|  |
About Bright House Networks