The Real Deal Miami

Citizens board approves 8.4 percen

July 27, 2010 10:30AM

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. Citizensrates were
frozen by the Florida Legislature from 2007 to 2009, but rates were
allowed to rise this year. [Sun