From Insurance Journal:
The Florida Office of Insurance Regulation in Tallahassee has disapproved rates contained in a Citizens Property
Insurance Co. rate filing that are based on the highest average rate of the top 20 insurance companies as those rates apply to
Monroe County’s high risk account.Monroe County is the only county subject to a pilot program implemented by legislation last year. Under that pilot program, the
Citizens rates may not be determined by adopting the highest average rate of the top 20 insurance companies if the Office finds that
the top 20 insurance companies are not competing there. Instead, the rates have to be actuarially justified.
There’s something not quite right with the logic that consumers will be getting a lower rate because they live someplace where it’s
so risky that insurers won’t write you.