Just 10 people joined Fla. Rep. Tom Fabricio in Miami Lakes for a second public meeting about the rising costs of property insurance.
Fabricio, R-Miami Lakes, hosted Insurance Commissioner Michael Yaworsky on Aug. 1 at town hall. Yaworsky leads the state agency that sets the rates and addressed attendees who included Vice Mayor Tony Fernandez and Councilman Ray Garcia.
Yaworsky’s visit to Miami Lakes happened hours after Citizens Property Insurance presented to Florida regulators in Tallahassee a proposed average rate hike to 13.5% next year.
That could mean an approximately $500 annual increase to holders of multi-peril policies who currently pay $3,560, the News Service of Florida reported.
The company has 1.2 million policies and is trying to shift more of them into the private market, the story said.
Citizens President and Chief Executive Officer Tim Cerio spoke on June 6 in Miami Lakes. He said then, “There were guidelines put into place,” Cerio said. “No one can make an offer now of more than 40 percent.”
The regulatory committee was to meet again on Aug. 15.
Fabricio asked Yaworsky if federal decision makers change after the November election, and if inflation lessens, whether those factors could impact Florida’s insurance market in a positive way.
Yaworsky said he thought such changes, if they happened, could be beneficial.
“So, what I would request humbly would be that you consider holding off on increasing Citizen’s rates until after November ...,” Fabricio said.
Citizens insures people who cannot get coverage elsewhere because they have older homes, are in risky locations or other situations that private insurers don’t want to cover.
Yaworsky said the market was improving.
“What we see now … are 33 companies in the immediate market space have filed for a 0% increase or a slight decrease,” Yaworsky said.
Citizens is currently the largest insurer in Florida with 1.2 million policies. About 400,000 policies will be released this October from Citizens back to the general market for coverage, the commissioner said.
Fernandez asked Yaworsky if there is anything that local government can do for residents to help them navigate the insurance issues.
“We are seeing good news start to emerge and we want to get that out there,” Yaworsky said.
Yaworsky and Fabricio also encouraged residents to speak with their agents and check often on their policies. Residents who have insurance issues can call Yaworsky’s office at 850-413-3140.