Homebuyers Sue Insurer Over Property Valuations

Law360, New York (February 7, 2012, 6:17 PM EST) -- Citizens Property Insurance Corp. on Tuesday became the target of a proposed class action that alleges the state-governed Florida home insurance organization illegally inflates property values of the homes it insures.

Joe Freitas filed a complaint in Florida state court claiming homeowners who purchase insurance from Citizens are paying higher premiums than they should because it uses a home value assessment software program that can be manipulated to inflate the value of homes.

Freitas claims Citizens uses one value when the homebuyer first purchases insurance, then...
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