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Article: Citizens switch brings huge rate increases: You have little choice if policy is taken over.
- Article from:
- South Florida Sun-Sentinel (Fort Lauderdale, FL)
- Article date:
- September 3, 2006
CopyrightCOPYRIGHT 2006 South Florida Sun-Sentinal. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Kathy Bushouse
Sep. 3--Michael Burrell never asked for a new insurance policy for his Boca Raton home.
Because he lives east of Interstate 95, an area where few private property insurers are willing to tread, Burrell assumed no company other than state-backed Citizens Property Insurance Corp. would cover the wind risk on his three-bedroom, three-bathroom home.
Then in late June, Burrell got a notice in the mail that his coverage was shifting to a different insurer. Last year, his annual premium cost $1,595. This year, it's $4,581 -- a 187 percent increase.
Staying with Citizens wasn't an option. With a private insurance ...