Florida Insurance Commissioner promises balance in Citizens rate increases

Following one of the largest increases in insurance rate hit the state, Florida Insurance Citizens Property has been criticized by the public and state regulators. The insurance company recently received state approval to raise premiums for coverage of sinking an average of 429%. These rates have not yet taken effect, a fact that the Insurance Commissioner Kevin McCarty has tried to express. The Commissioner is committed to ensuring that the sharp rise in rates should be removed slowly, hoping to ease the financial impact of the new rates.
Citizens has justified the new rates as a means to combat rising levels of insurance fraud centered around sinks. McCarty, speaking to the board of Citizens Property Insurance last week, says the insurer has overlooked an important piece of legislation that provides protection to insurers for the mitigation of fraud. The Commissioner states that future rates can not rely on the prevalence of fraud when there are laws that exist only to battle.
Despite the vehement opposition of McCarty to increases in mass rate citizens, the Commissioner has told homeowners that rising insurance rates can not be avoided. The Commissioner has told the Governor that his office will remain vigilant of the insurer, keeping an eye on how much money the company is saving legislation against fraud. In general, McCarty has to do with balance, which is dedicated to finding.
                                                                                                 5 August,2011