Citizens Property Insurance, the largest property insurer in the state of Florida, is seeking to raise their rates by 8.4% on average. The proposal has been approved by the board but still needs approval from the Office of Insurance Regulation.
Under the proposal, certain policyholders could see a decrease. In the Miami Beach area an average decrease of 3.8% is proposed as well as a 10% decrease for the coastal areas of Broward and Palm Beach Counties.
Citizen’s rates were frozen by the state legislature from 2007 to 2009; however regulators allowed rates to rise.
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