TALLAHASSEE, Fla. – June 24, 2014 – Nearly seven out of 10 Citizens Property Insurance Corporation personal-lines policyholders would see rate reductions in 2015 under a slate of rate recommendations being considered today by the Board of Governors in Orlando.
Under the rates proposed by Citizens, policyholders with homeowners policies would see an average decrease of 3.2 percent, while mobile-home owners would see an average 3.9 percent.
The 2015 recommended rates will be submitted to the Florida Office of Insurance Regulation, which must establish rates for Citizens before they take effect.
The lower rates come as a surprise to some observers since Citizens has been trying to raise rates to become actuarially sound, but has been hamstrung by a law that allows it to raise rates no more than 10 percent per year.
Citizens wants to lower property insurance rates
Under the rates proposed by Citizens, policyholders with homeowners policies would see an average decrease of 3.2 percent, while mobile-home owners would see an average 3.9 percent.
The 2015 recommended rates will be submitted to the Florida Office of Insurance Regulation, which must establish rates for Citizens before they take effect.
The lower rates come as a surprise to some observers since Citizens has been trying to raise rates to become actuarially sound, but has been hamstrung by a law that allows it to raise rates no more than 10 percent per year.
Citizens wants to lower property insurance rates
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