For the first time in four years, Citizens Property Insurance wants to lower rates for nearly 70 percent of its customers while everyone else – mostly South Florida condominium owners and homeowners in coastal areas -- will see another year of increases.
The rate changes were recommended Wednesday at the quarterly meeting of Citizens’ Board of Governors and now must go before the Office of Insurance Regulation for final approval.
Base rates vary greatly from policy to policy but, in Miami-Dade County, Citizens is proposing average rate cuts of about 4.3 percent for homeowners with multi-peril policies. Similar policies in Broward will see rates drop an average of 7.3 percent and homeowners in Monroe County will see rates rise 2.6 percent.
For condominium owners in South Florida, however, the rate hikes will continue with average increases of 6.4 percent in Miami Dade, 3.2 percent in Broward and 1.4 percent in Monroe County. Download 2015 RATES county by county