Insurance Regulators Approve Smaller Rate Hikes For Citizens Property Insurance
MIAMI (CBSMiami) – Insurance regulators have approved smaller rate hikes for Citizens Property Insurance.
It comes at a good time as we approach hurricane season.
A majority of Citizens policyholders are in South Florida.
According to the Florida Office of Insurance Regulation, it has approved average increases of about 5%, not the 7% Citizens wanted.
Some policyholders may even see their annual premiums reduced.
Rate hikes take effect on policies that renew after Aug. 1.