|Published:||Jul 28, 2010 12:03 PM EDT|
|Updated:||Jul 28, 2010 8:43 AM EDT|
FORT LAUDERDALE, Fla. (AP) - The governing board of Florida's
public insurance carrier is recommending a rate hike averaging 8.4
The increases suggested Monday for Citizens Property Insurance
Co. would vary by location. In some parts of South Florida, prices
could increase as much as 11.3 percent. In others, like Miami Beach
and coastal Broward and Palm Beach counties, rates could actually
The insurer say the rate adjustments are necessary to offset
increasing claim payouts for fires, sinkholes and other calamities.
Citizens was formed to cover property owners who can't find a
private company willing to insure them.
The changes must still be approved by Florida's Office of