The Real Deal Miami

Citizens readies rate hikes

October 20, 2009 10:18AM

Citizens Property Insurance plans to hike homeowner rates by as much as 10 percent at the start of next year. The Office of Insurance Regulation today held a hearing on the proposed increases, which state-backed Citizens said it needs to build up reserves against possible storm damage claims in the future. Most South Florida homeowners can expect increases close to 10 percent, but statewide hikes won’t be as large: about 5 percent for homeowners who live in their home; 9 percent for coverage for homeowners with tenants; and 10 percent for condominium buildings. [Palm Beach Post]