Chairwoman Rebeca Sosa opposes the increase on property insurance
(Miami, FL) - This week, the Board of County Commissioners approved Chairwoman Rebeca Sosa’s resolution opposing Citizens property insurance rates to increase by an even higher rate each year than the current 10 percent. A 13 percent annual rate increase cap is currently being considered by the House. Moreover, the Senate Banking and Insurance Committee has now released a draft bill raising the cap to 15 percent, even higher than the one being considered.
Concerned with the outcome of rate increases, Chairwoman Sosa has the following statement:
“I oppose any increases to property insurance made by Citizens. Under the existing law, homeowners are already tremendously affected by the increase cap of 10 percent per year. During this grave economic time, this new reform plan will make it impossible for a homeowner to afford their property insurance and continue to provide for their family. Citizens already benefits from a large share of properties in Miami-Dade County and throughout South Florida. The State should carefully consider the effects that an additional increase would do to homeowners.”
For more information on this resolution, please contact Chairwoman Sosa’s office at 305-375-3634.