South Florida Citizens' insurance policyholders could be facing another rate hike of as much as 10%. The Citizens' Board of Governors will decide today if they're raising rates. If approved, the Florida Office of Insurance Regulation would have to give it the green light this fall, before it could take effect.
The so-called insurer of last resort, is seeking the maximum allowable rate hikes for its South Florida customers, something that has become an annual tradition for Citizens. This would be the 3rd year in a row the property insurance company has gone after rate increases near 10 percent in South Florida.