State regulators have approved lower rates for most homeowners covered by Citizens Property Insurance, the first widespread rate cut by the state-run insurer in years.
Citizens, which insures those who cannot find coverage in the open market, is the largest property insurer in Florida with more than 933,000 policies as of July 31.
The Florida Office of Insurance Regulation on Friday said the average Citizens' homeowners rate will fall by 3.7 percent, slightly better than the 3.4 percent decrease sought by the insurer in its June filing. Rates will be cut 4.6 percent, on average, for mobile home owners with multi-peril coverage. Nearly all of the rate reduction is for inland properties and those with multi-peril coverages while nearly all coastal accounts for wind-only coverage will get hit with another rate increase.
Citizens has previously said nearly seven out of 10 policyholders statewide would see lower rates if its filing were approved.
Among bay area counties, Citizens had proposed average rate cuts for most homeowners policies of 8 percent in Hillsborough; 8.9 percent in Pinellas; 6 percent in Pasco; and 9.5 percent in Citrus. Hernando County policyholders faced an average increase of 0.4 percent. A countywide breakdown of approved rates was not immediately available.