A rate hike for Florida's largest property insurance carrier is expected to take effect early next year, but there is already talk that this anticipated rate hike may be insufficient to keep Citizens Property Insurance Corp. afloat in the wake of a big storm.
Florida lawmakers this year ended a three-year freeze on rates. But in an effort to blunt the impact to customers, they agreed to put an overall 10-percent cap on any annual increases to create a "glide path" that would stretch out hikes over several years.
That statewide cap, however, has translated into widely varying rates by region, and now some legislators are worried that the bottom line increase will not do enough to bolster the finances of Citizens.
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