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Spike in claims sparks talk of rate hike, policy changes at Citizens Property Insurance

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Florida’s largest property insurer is discussing whether to eliminate caps on rate hikes and limit what homeowners can do if they have water damage. The state-created Citizens Property Insurance is debating changes in order to combat lawsuits tied to water damage claims. 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…

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