Citizens Pushing For Change To Fight Water Damage Claims

Follow CBSMIAMI.COM: Facebook | Twitter

TALLAHASSEE (CBSMiami/AP) - In an effort to combat lawsuits tied to water damage claims, state created Citizens Property Insurance is pushing for changes.

Florida's largest property insurer wants to eliminate caps on rate hikes and limit what homeowners can do if they have water damage.

Citizens Property Insurance President Barry Gilway said Wednesday that a rise in lawsuits over claims is "insane," particularly in South Florida.

Gilway said claims are rising even though the number of Citizens policyholders is getting smaller. It is projected to drop to under 500,000 by the end of this year.

Gilway said it may be time to get rid of Florida's current 10 percent-a-year cap on premium hikes.

Citizens also want to place limits on how much homeowners can spend on emergency repairs.

(TM and © Copyright 2015 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2015 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)