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Citizens To Raise Rates By 5.4 Percent

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Oct 30, 2009 1:58 pm US/Eastern

Citizens To Raise Rates By 5.4 Percent

TALLAHASSEE (CBS4) ― Citizens Property Insurance Corporation, which is backed by the state of Florida, has been given approval to raise rates by 5.4 percent for homeowner coverage that includes hurricane coverage. The rate hike was lower than what one of the state's major business lobby's wanted.

Insurance Commissioner Kevin McCarty signed the order establishing new rates on Friday. Citizens Insurance is the largest property insurer in the state with roughly 1 million policies.

In addition to the hike for homeowners, McCarty allowed an 8.8 percent for residential rental properties, 1.7 percent for mobile homeowners, 2.1 percent for commercial mobile home physical damage, and 10.2 percent for condo associations.

(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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