State insurance company raising rates

Posted at 7:16 AM, Dec 07, 2017
and last updated 2017-12-07 07:16:12-05

TALLAHASSEE, Fla. (AP) - Florida regulators are approving a rate increase for the state-created property insurance company that serves more than 450,000 commercial and residential customers.
The state Office of Insurance Regulation announced the Citizen Property Insurance Corporation's 2018 rates on Wednesday after delaying a decision because of Hurricane Irma. Because of the delay the rates will not take effect until next May.
The rate increases are roughly the same as Citizens' requested before Irma slammed across the state in September.
The increases range from 0.9 percent to 10.1 percent, depending on the type of policy, though homeowners with multi-peril coverage will see a 6.6 percent average increase next year.
Commercial property multi-peril coverage will increase an average of 8.1 percent.
Many of Citizens customers live near the coast or in south Florida.