TALLAHASSEE, Fla. (AP) - Roughly one million customers of the
Citizens Property Insurance Corp. will see a 10 percent increase on
their premiums Jan. 1.
The board that oversees the state-backed insurer approved the
increase Wednesday.
However, the governing board backed off a plan to reject rate
cuts for customers in some parts of the state after some heated
debate and input from the Office of Insurance Regulation. The board
voted to cap any cut at 10 percent.
Some 80,000 Citizens customers are eligible for a lower rate on
their premium based on new rate models.
The 10 percent increase was approved by the Legislature and Gov.
Charlie Crist to try and shore up Citizens' shaky financial
standing. The rate increase will start Jan. 1, 2010.