Regulators approves Citizens Property Insurance hikes - FOX 13 News

Regulators approves Citizens Property Insurance hikes

Posted: Updated:
TALLAHASSEE (FOX 13) -

Florida regulators are signing off on rate hikes for hundreds of thousands of Citizens customers.

The Office of Insurance Regulation announced Monday that it has approved an overall statewide rate hike of 6.3 percent for Citizens Property Insurance Corp. Citizens is the state's largest property insurer with 1.22 million policyholders.

The final approve hike is slightly smaller than what Citizens officials requested. The hikes would take effect in January and February 2014.

Citizens customers who live along the coast and have wind-only coverage for their homes will pay an average of 10.5 percent more. Other homeowners who don't live close to the coast could see their rates only go up 4.4 percent more.

State law caps most of Citizens rates so they cannot go up more than 10 percent yearly.

 

Powered by WorldNow

FOX 13 / WTVT-TV
3213 West Kennedy Blvd.
Tampa, Florida 33609
Main: (813) 876-1313
Newsroom: (813) 870-9630
Fax: (813) 871-3135

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices