Citizens Property Insurance seeks 11% rate hike, nears million policies

Citizens Property Insurance Corp.the state-run “insurer of last resort,” is proposing an across-the-board rate hike of nearly 11%, the highest increase allowed by law.

The request comes as Florida’s private property insurance market sinks deeper into turmoil, insurance industry analysts said, driven in part by roof-replacement fraud and widespread litigation.

“The home insurance market in Florida is in crisis,” said Mark Friedlander of the Insurance Information Institute. “In fact, the private insurance marketplace now is on a trajectory for collapse. ”

More:Storm season on the horizon, insurance market in crisis as homeowners face huge increases

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The alarming appraisal comes even as Florida has emerged – relatively speaking – unscathed by recent hurricane seasons. The storms that hit the state, though devastating, have mostly made landfall in the Panhandle, a region of Florida with comparatively less coastal development.

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