Five Percent Insurance Rate Hike for Florida State
State-funded Citizens Property Insurance Corporation has gotten approval to raise rates by 5.4 percent for homeowner coverage that includes hurricanes. Kevin McCarty, the Insurance Commissioner, announced on Friday that he signed an order that established new rates for Citizens, which is the state’s biggest property insurance firm. Citiznes holds about one million policies.
McCarty rejected a proposal from one of Florida’s major business lobbies to increase the homeowner rates by the full ten percent allowed by state law. McCarty approved increases of 8.8 percent for residential rental properties, 1.7 percent for mobile homeowners, and 2.1 percent for commercial mobile home physical damage.
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