Citizens Insurance under fire for "increased home valuation" practices

TALLAHASSEE, Fla. - Citizens Property Insurance Corp. is facing a customer backlash over its system for valuating replacement costs for homes.

A class-action lawsuit has been filed against the state-run insurer, claiming that Citizens is using a software program called "360Value" to overvalue the replacement costs of homeowners’ properties, thus increasing customers' payments. 

The new system, which no longer takes into account estimates from real estate appraisers or independent general contractors, sparked several complaints from homeowners who said their homes were being overvalued.

Plaintiffs are arguing that the giant insurer is using the system as a backdoor method to raise rates.

State Sen. Mike Fasano, R-New Port Richey, will join them on the steps of the Old Capitol in Tallahassee this afternoon to announce the lawsuit.