The board of Citizens Property Insurance voted unanimously Wednesday to raise rates an average of 3.2 percent. State regulators must review and approval the proposal before it takes effect.
If approved, the rate hikes would kick in next February.
Nearly half of the state-created insurer’s 600,000 customers will actually see slight decreases in their rates.
But those customers who live near the coast could pay an average of 8.6 percent more. Citizens officials say rate hikes are needed for homeowners in Palm Beach, Broward, Miami-Dade and Monroe counties.
Citizens officials blame South Florida rate hikes on a rise in claims associated with water damage not related to storms.
Source: Daily Commercial