Florida State Capitol Building
TAMPA, Fla. -- 10 News has learned that a class action lawsuit filed in state court against Citizens Insurance will be announced tomorrow in Tallahassee.
The lawsuit contends since 2010 the insurance company has used a modified replacement value model, called 360-Value, to systematically and substantially overstate replacement value coverage for Florida consumers. This has allegedly resulted in massive "back door" rate increases not intended by the Florida Legislature or approved by the Office of Insurance Regulations.
The plaintiffs in the lawsuit, FAIR and the Beausoleil Law Group of Florida, will make the announcement on the steps of the Capitol building during a press conference on Tuesday, Feb. 7 at 12:30 p.m.