Florida regulators have approved a 10.8 percent statewide average homeowners insurance rate increase and a 21.4 percent increase in sinkhole rates for the state-backed property insurer.
Insurance Commissioner Kevin McCarty announced the new Citizens Property Insurance Corp. rates that hue closely to the so-called glide path that restricts the insurer’s annual rate increase to 10 percent, plus any surcharges.
The new rates will to all new and renewal policies as of Jan. 1, 2013 and to the new and renewal wind-only policies as of Feb. 1, 2013.
Initially, Citizens had requested a statewide average 11.2 percent increase in its homeowner rates.
McCarty said the new rates will take Citizens one step closer to rates charged by the private market while ensuring that no policyholders will face inordinate increases in their premiums.
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