Water losses crisis to drive Florida rates higher

South Florida policyholders face property insurance rate rises
of 10 percent annually for years to come if legislative reforms
aren't made to address water losses that have reached crisis
levels, according to state-backed insurer Citizens.
As previously reported, Florida carriers' loss
ratios have come under increasing pressure from rising water loss
claims, exacerbated by so-called assignment of benefits (AOB) and
claims filing abuses.
With AOB claims, homeowners assign their rights under a pol