Florida’s largest property insurer wants to eliminate caps on rate hikes and limit what homeowners can do if they have water damage.
State created Citizens Property Insurance wants changes to combat lawsuits tied to water damage claims.
Citizens President Barry Gilway says, “The rise in the suits is insane, especially in South Florida and claims are rising even though the number of Citizens policyholders is getting smaller. It’s projected to drop to under 500,000 by years end.”
Gilway adds that it may be time to get rid of Florida’s current 10% a year cap on premium hikes.
