Homeowners Insurance Rates In Florida

Citizens or private insurers?

If you own a home or condominium in South Florida, you don't have many options when it comes to property insurance.

One of those options, state-backed Citizens Property Insurance, could soon become less attractive. It's raising premiums by up to 10 percent a year, and Gov. Rick Scott, many legislators and the insurer's new board want the state-backed insurer of last resort to have fewer policies.

Legislation was filed in October to allow less-regulated insurers, called surplus lines, to take over Citizens' policies.

Faced with those choices, should you go with Citizens or a company you've never heard of? We'll answer some of the most common questions.

Q. Which is cheaper?

A. Citizens, the state's largest home insurer, is often cheaper than private insurers because the legislature caps its rate increases at 10 percent a year, it is tax-exempt and, as a state-run operation, it doesn't have to make a profit.

But it's important to know that everyone in the state may be charged fees if it runs out of money to pay claims after a storm, and the fees could be high - up to 45 percent of your premium - if you're a Citizens policyholder.

Given the choice between Citizens and a company that charges more upfront, many home­owners take Citizens, knowing they risk paying more later, said Robin Westcott, the state's insurance consumer advocate.

Q. Which provides better service?

A. Newer companies don't have a track record, so consumers may not find much information on them.

But private insurers, new or old, must compete with each other and Citizens for business, so they're more likely to care about what their policyholders think.

Citizens, on the other hand, was among 13 insurers that received the lowest proposed grades on a report card drafted by the state's former insurance consumer advocate. The grades were based on customer complaints to the state about claims from 2004 through 2008. That includes the 2004 and 2005 hurricanes. Citizens said it has improved since then.

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