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Citizens board approves 8.4 percen
The board of state-backed Citizens Property Insurance approved an
average 8.4 percent statewide rate hike yesterday. The rate includes an
increase of 11.3 percent in parts of South Florida, along with a 9.3
percent hike for policies that cover homes, condo units, renters, mobile
homes and vacation or rented properties. Miami Beach will see a 3.8
percent decrease under the plan, which still must be approved by the
state’s Office of Insurance Regulation. Certain parts of Broward and
Palm Beach counties will see a 10 percent decrease. Citizens‘ rates were
frozen by the Florida Legislature from 2007 to 2009, but rates were
allowed to rise this year. [Sun
Sentinel]