TALLAHASSEE (CBSMiami/AP) – In an effort to combat lawsuits tied to water damage claims, state created Citizens Property Insurance is pushing for changes.READ MORE: Suspected Shoplifter Shot By Police After Pulling Weapon At The Falls Shopping Center In SW Miami-Dade
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.READ MORE: CDC's New Mask Mandate Encourages People To Get COVID Vaccinations
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.MORE NEWS: 'There's More Aggression, More Confrontational Attitude': Miami Beach Police Chief On Increasing Safety, Security
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