Home Insurers Drop More Than 87,000 In Florida; Citizens Proposes Premium Increase
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MIAMI (CBSMiami/AP) -— Florida records show home insurers have dropped the policies of more than 87,000 homeowners in the third quarter of this year.
The Palm Beach Post reports that state records also show half of the state's top 10 property insurers served fewer customers at the start of October than they did a year earlier.
Adding to homeowners' woes, the state's last-resort insurer, Citizens Property Insurance Corp. has proposed an 8 percent premium increase for 2019.
Hurricanes Irma and Michael generated more than $15 billion in claims in Florida in the past two hurricane seasons.
Besides the hurricanes, Citizens officials cite "the impact of skyrocketing non-weather-related water loss claims in South Florida."
Florida ranks No. 1 in home insurance costs. An average premium is more than $2,000, nearly double the U.S. average.
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)