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Citizens approves insurance rate hikes across Florida

While many people hope that they never have to file an insurance claim, the natural disasters that periodically strike Florida, mainly in the form of hurricanes, mean that most homeowners in the state will at some point in their lives file a claim. Whether it is wind damage, flooding or other causes, insurance is meant to provide a safety net for homeowners, so they don't have to suffer a major financial loss if their home is damaged.

Last week, the board of Citizens Property Insurance Corp. approved a rate hike of 7 percent on average for policyholders across Florida. Some areas of the state could see as high as a 20 percent increase in their premium costs.

According to a report on the increase, the insurer already has a surplus, but was trying to raise rates in order to reduce their risk. However, even though insurance rates may increase, and homeowners would expect to have their property even more securely insured, they might still have insurance claims wrongfully denied.

People purchase insurance, hoping that they never have to make a claim, but knowing that they could need it at any time. When an insurer denies a person's claim in Florida they might be left with very little, and feel hopeless.

A Florida attorney who has experience handling bad faith insurance can help a person understand their rights and work to get them the compensation that they deserve. Many times, claims are denied in an effort to reduce costs to the insurer, despite the claim being valid.

Source: Associated Press, "Citizens insurance approves 7 percent rate hike," June 27, 2013

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