Citizens should hike insurance rates, task force says

Citizens Property Insurance should be allowed to end its three-year rate freeze and start aggressively hiking homeowner insurance rates as soon as next January, a state task force recommends. The panel, which is studying the mission of the state-run property insurer of last resort, voted unanimously Tuesday to recommend the Legislature cap Citizens' annual rate increases at 10 percent on average statewide. It also suggests an annual cap of 15 percent for any given territory and 20 percent for any single policy. The rate increases could hit coastal homeowners and condo policyholders the hardest.

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