Nov 20, 2009 5:35 pm US/Eastern
Citizens Rate Hikes For 2010 Approved By State
TALLAHASSEE (CBS4) ―
Homeowners that use Citizens Property Insurance might want to put a little bit of extra money aside for 2010. Florida Insurance Commissioner Kevin McCarty approved the new rates for Citizens high-risk accounts on Thursday.
Mobile homeowners can expect to see an 11 percent increase on their homeowners insurance policies in 2010. Condo associations will see their rates increased 9.4 percent, nonresidential commercial property rates go up 9.3 percent, and homeowners will see a 5.4 percent increase.
McCarty said the reasoning behind the new rates is to help get Citizens' rates closer to an actuarially sound level sought by the state legislature, which capped Citizens' annual rate increases at 10 percent.
(© 2010 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 This material may not be published, broadcast, rewritten, or redistributed.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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