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.
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