In a welcome move, Citizens Property Insurance Corporation’s Board of Governors voted to defer action on the the 2019 proposed rate increases. The Board will revisit the recommendations in December allowing for water policy language changes to take effect and giving South Florida Policy holders more time to recover from hurricane Irma.

The deferment applies to a statewide proposed increase of 7.9% for homeowners, condo owners, and renters. For some Monroe County residents this hold for rate increases is on top of last year’s rate freeze order by Insurance Commissioner Altmaier after his consideration of FIRM’s assertions that the modeling methodology is flawed.

On Tuesday, Florida Chief Financial Officer Jimmy Patronis sent a letter urging the Board to defer action to assist with hurricane recovery.

FIRM Vice President Steve Russ attended the Citizens Board of Governors meeting, as he has for the past three years. Russ thanked the Governors for the deferment, but added that Monroe County continues to pay unfair rates.  He added that the software that Citizens uses to estimate claims is also contributing to over-litigation.  In an interview with POLITICO Pro, Russ explained, “Storm victims were ‘psychologically not ready to fight’ low-balled claims made regularly by the software, Xactimate, and were instead seeking outside counsel. Whatever you could do to limit that underestimating, I think would be useful.”

Read the full Citizens press release here: 06.20.18_Press Release_BOG action

 

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