The Real Deal Miami

Citizens rate hikes get nod

November 02, 2009 12:47AM

State insurance regulators have approved rate hikes by Citizens Property Insurance Corp., the state’s largest insurer with some 1 million policies. The insurer, which is guaranteed by the state, will increase homeowner policies by 5.4 percent, and boost rates for condo associations by 10.2 percent. Florida law allows companies to pass on some of the costs of their annual premium paid to the Florida Hurricane Catastrophe Fund to policyholders, according to the commissioner’s office, which will boost rates beyond the average figures for some South Florida policy holders. [SFBJ]