Florida’s Citizens Property Insurance Approves FSU Study On How To Slow Down Property Insurance Rate Increases

The Loss Recovery Law Group, PL

After Florida Senator Jeff Brandes warned Florida's Citizens Property Insurance repeatedly in early 2020 that rising homeowner's insurance rates and cutbacks in property insurance coverage could require lawmakers to address the issues in a special session, Citizens has since approved paying Florida State University $265,695 for an “exposure reduction study” to determine how increasing rates in the private market can be slowed.  

The state-backed insurer is already seeing an increase in policy applications from the typical number of about 7,000 a month. The increase comes as more than half of the private companies that sought rate increases in the second half of 2019 filed for double-digit hikes, The News Service of Florida’s Jim Turner wrote via the Daytona Beach News Journal on March 25, 2020. 

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