Citizen's Insurance Rising Rates Continue

Bad News for customers of Citizen's Property Insurance Corp, roughly 1 million throughout the state of Florida, to be exact. Citizens is set to statewide 10%increase on premiums effective January 1st.

Whether you live on the coastline or inland, your rates are scheduled to increase. The board did not vote on a new rate plan that would set rates, based on risk. TBO.com reports that some 80,000 customers would be eligible for a decrease in premiums.

This rate increase was approved by Florida lawmakers and Governor Crist in an effort to cover projected claims and other expenses.

Ouch! Somewhere out there there are you know there are some State Farm officials that are extremely repulsed. They rate increase request was nixed, though they had the very same reasoning. Personally, I find it so unfair that the rates are applied to all when there is such vast disparity on risk factors. How fair is it that someone who lives inland has the same increase assessed as someone who lives on a coastline??!! Hell, their house would quicker wash away, or float away, before mines. Sure, its been about three years since they've had a rate increase, but you and I both know that Citizen is a last resort insurance for many, and doesn't come cheaply. Citizens Insureds Farm insureds brace yourselves. No not for the next hurricane season, but for the premium hike.