Premiums could rise up to 84 percent for new Palm Beach County customers of state-run Citizens Property Insurance Corp. under a bill on the Florida Senate’s special order calendar today.
The bill would uncap rates for new customers and raise the annual rate cap on the company’s existing 1.3 million customers — including about 130,000 in Palm Beach County — from 10 percent to 13 percent. The extra money would be used to buy more private reinsurance from offshore and Wall Street interests.
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