State regulators approve rate hikes for Citizens customers

flcapitolgen

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

The Office of Insurance Regulation late Friday approved new rates for Citizens Property Insurance. The state-created Citizens has nearly 500,000 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 6.4 percent next February.

Some customers may see their rates go down. Citizens officials estimate that as many as 100,000 customers may pay less next year.

Citizens customers, however, who live near the coast and purchase just wind coverage will have an average increase of 8.2 percent. Many of these customers live in Miami-Dade, Broward and Palm Beach counties.

WFLA.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others and keep the conversation on topic and civil. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s