Thursday, June 4, 2009

Hurricane insurance rates need to increase 44%

The sun-sentinel reports today on the looming inevitable windstorm (hurricane) insurance premium increase.


"Citizens Property Insurance officials Tuesday proposed rate increases that would raise most South Florida home and condominium owners' premiums up to 10 percent a year for as many as five years, beginning Jan. 1.

State-backed Citizens estimates it needs to boost property insurance rates for homes, condos and businesses by a statewide average of 6 percent a year starting next year until the rates are about 44 percent higher."