Homeowners who have policies with Citizens Property Insurance Corp. will see their premiums rise an average of 6.3 percent next year, the fifth consecutive increase in rates from the state-run insurer.
The average premium increase approved Monday by the Florida Office of Insurance Regulation comes on the heels of a 10.8 percent hike approved last year, but is less than the 7.9 percent sought by Citizens as part of its aggressive attempt to shed policies.
Homeowners with standard “multi-peril” lines will pay an additional $111 on average -- 4.4 percent higher than current average rates -- when their policy renews next year. Those with wind-only residential policies will pay an average increase of $265 more, or 10.5 percent, and businesses with commercial lines coverage will see a 10 percent hike.
Since 2009, rates have risen 43 percent for Citizens’ standard homeowners policies and officials say the company’s rates are still below market.
"We are grateful to OIR for its diligence in reviewing Citizens' 2014 rates and pleased that it has agreed with our overall approach," said Citizens President and CEO Barry Gilway in a statement. "The agency’s action will allow Citizens to continue providing quality service to our 1.2 million policyholders while reducing the risk of assessments on all Floridians."