State residents insured by Citizens Property Insurance are getting grim surprises in the recession: higher rates have boosted their premiums by as much as 130 percent. Earlier this year, Citizens began the yearlong process of scrutinizing property values for 350,000 coastal properties that get their wind-only coverage from the state-run carrier. Citizens is a subsidized entity, said Jeff Grady, president of the Florida Association of Insurance Agents, and its 2006 rate freeze is unsustainable.
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