New insurance rates cost homeowners in Duval County
JACKSONVILLE, Fla – New insurance rates are in effect for Citizens Property Insurance Corporation policyholders. The Citizens’ Board of Governors approved the rates earlier this year but went into effect Sunday.
Under those changes, about 420,000 policyholders will be paying more for coverage. More than 67,000 customers will see their rates drop.
A majority of the company’s policyholders are in south Florida but according to the county by county estimates in Duval County, there are 372 multi-peril homeowners policies and the average premium is $1,202. That will now go up roughly 9.2 percent to $1,312.
The new rates cap a multi-year effort to address runaway litigation and Assignment of Benefits (AOB) abuse, especially surrounding non-weather related water loss claims, which after decades of stability skyrocketed in recent years.
It also provides safeguards for policyholders who change their minds or are unsatisfied with the work after signing an AOB, and more clearly defines the responsibility of vendors and insurers when assignments are in place. Finally, the law provides incentives for all parties to make reasonable settlement offers following a loss.
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