State regulators approve rate hikes for Citizens customers

Author: the associated press
MGN Online

TALLAHASSEE, Fla. (AP) – State regulators are signing off on rate hikes for customers of Florida’s largest insurer.

The Office of Insurance Regulation on Tuesday approved new rates for Citizens Property Insurance. The state-created Citizens has nearly 600,000 customers.

The approved rates vary by the type of policy purchased and by location.

Homeowners with a comprehensive policy with Citizens will see their rates go up by an average of 1.8 percent next February.

But many customers who live inland may see their rates go down. Citizens officials estimate that as many as 60 percent of their customers will actually pay less next year.

Citizens customers, however, who live near the coast and purchase just wind coverage will have an average increase of 8.3 percent. Many of these customers live in Miami-Dade, Broward and Palm Beach counties.

Citizens officials approved the rate request earlier this summer, but regulators changed slightly the final amount.

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