Citizens Property Insurance Gets Approval For Rate Hikes
State regulators have approved a series of rate increases for Citizens Property Insurance customers, now that a 90-day rate freeze due to Hurricane Irma has been lifted.
The Office of Insurance Regulation said Wednesday it has approved an average 6.6 percent increase for homeowners' multi-peril policies, slightly lower than a 6.7 percent hike requested by Citizens.
The average wind-only homeowners' policy will go up 0.9 percent, rather than the 1.7 percent sought by the state-backed Citizens.
Regulators approved Citizens' request for a 4.8 percent increase in multi-peril coverage for condominium associations, while wind-only condominium association policies will see a 10.1 percent hike.
Actual rate changes will vary, based on factors such as the amount of coverage, the type of policy and the location of the property.
Because of the freeze, the new rates will begin May 1, rather than Feb. 1 as had been initially requested. Citizens had 448,737 policies as of Oct. 31, with residential homeowners making up the majority.