Citizens Property Insurance Customers Could See Rate Decrease

Tallahassee, FL (Newsradio 92.3) -- Florida's state insurer of last resort is proposing to cut rates for homeowners. The Citizens Property Insurance Board approved a plan for an average 2.6 percent decrease in personal residential policies starting June 1st. Homeowners with multi-peril policies could see an even bigger break-an average 4.1 percent reduction. However, some policyholders may see increases depending on location and policy type. Commercial properties like condominiums would see an average 10.4 percent increase. The rate changes must be approved by the state Office of Insurance Regulation before they take effect.