Fla. Bill Aims To Cap Citizens Insurance Rate Hikes

Law360, New York (January 9, 2013, 2:36 PM EST) -- A Florida state representative on Tuesday proposed a bill to cap annual real estate insurance rate hikes by Citizens Property Insurance Corp. to 10 percent after the state-chartered insurer revealed rate increases for new policies averaging 30 percent last year.

Rep. Jose Felix Diaz, R-Miami, introduced H.B. 107, which clarifies that the 10 percent cap already approved by the legislature applies to not just existing insurance policies but to new ones as well.

“The corporation shall annually implement a rate increase that, except for sinkhole coverage,...
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