News

Actions

Florida's Largest Insurer to ask for Rate Hikes in 2016

Property insurance rates go up slightly
Posted at 3:16 PM, Jun 24, 2015
and last updated 2015-06-24 11:20:31-04

TALLAHASSEE, FL. (AP) - Florida's largest property insurer is asking to raise rates for its customers who live along the coast and in South Florida.

The board of Citizens Property Insurance voted unanimously Wednesday to raise rates an average of 3.2 percent. State regulators must review and approval the proposal before it takes effect.

If approved the rate hikes would kick in next February.

Nearly half of the state-created insurer's 600,000 customers will actually see slight decreases in their rates.

But those customers who live near the coast could pay an average of 8.6 percent more. Citizens officials say rate hikes are needed for homeowners in Palm Beach, Broward, Miami-Dade and Monroe counties.

Citizens officials blame South Florida rate hikes on a rise in claims associated with water damage that is not storm-related.