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Citizens Insurance Rate Freeze Might Be Extended
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Published: January 13, 2009
TALLAHASSEE -
Legislation is in the works to extend the two-year freeze on Citizens Property Insurance homeowner policy rate increases Florida lawmakers imposed on the state's insurer of last resort.
State Sen. Mike Fasano, R-New Port Richey, announced today he intends to introduce a bill to extend the rate freeze during the Legislature's 2009 regular session, which starts March 3.
Without an extension, Citizens executives could seek to raise rates an average of 10 percent statewide once the freeze expires Dec. 31, according to Greg Giordano, chief legislative assistant to Fasano.
Individual policy holders could see premiums rise as much as 20 percent under Citizens task force guidelines, Giordano said.
"This is not the time to raise rates" for Citizens policies, Giordano said, explaining Fasano's motivation for seeking an extension of the rate freeze. The recession already has residents struggling to pay bills, the senator believes.
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