Florida's state insurer has approved a hike in insurance rates that could potentially see its coverage costs in the state go up at a time when the price of insurance in the state has soared.Citizens Property Insurance Corporation, a non-profit that helps Floridians who struggle to afford insurance from the market, green-lit a proposal to increase rates in the state by an average of 13.5 percent for homeowner multiperil policies, while condo owners could see their coverage go up by 14.
Climate-change-related weather disruptions have been blamed for soaring insurance costs in the state. Some private providers have left the state saying that the costs of doing business were too high to sustain their presence in the market.'Nonweather water losses, reinsurance costs and litigation are the major determinants of insurance rates,' Citizen said. 'Citizens must take all these factors into consideration when it proposes recommended rates.
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