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Rene Plasencia and Office of Insurance Regulation Commissioner David Altmaier. Some of members' written testimony is given below. In Miami-Dade County, Citizens Property Insurance Corp. (Citizens) projects that without AOB reforms, the average premium for homeowners will jump from $9,847 this year to $15,859 by 2022 -- an increase of more than $6,000 in five years. “At the beginning of the year, Citizens announced reining in out-of-control lawsuits over water damage claims and AOB abuse were a top legislative priority,” said Barry Gilway, president and CEO of Citizens. “And, just a week ago, Citizens reported a net loss of more than $27 million for 2016 -- our first annual loss in 11 years. The reason is the unjustifiable explosion of water loss claims we are facing, AOB abuse and lawsuits that are seriously eroding our bottom line.” Ninety-six percent of all litigation Citizens faces is coming from the tri-county area of Dade, Broward and Palm Beach. In just the past three and a half years, Citizens has seen the average severity, or payout, from each litigated water claim rise from $10,000 to $20,000. In 2011, just 12 percent of the claims Citizens received went into litigation. By 2015, 45 percent have been litigated. “A cottage industry of trial attorney firms, often partnering with a relatively small group of home repair vendors, are driving the vast majority of lawsuits against Citizens,” said Gilway.
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