Citizens Property Insurance Corp.’s board of governors on Wednesday approved a 2016 rate package that lowers rates for nearly half of Citizens’ personal lines policyholders while addressing increased water loss claims and inadequate rates for its remaining policyholders along the coast.
By a unanimous vote, the board approved an overall rate increase of 3.2 percent for personal lines policyholders, with most of the increases targeting property owners along the coast and in South Florida, where rates continue to be inadequate.
Most inland policyholders will see rate reductions under the proposal to be submitted in July to the Office of Insurance Regulation, which must approve any rate changes. Inland homeowners will see an average 1 percent drop in multi-peril rates while inland mobile home owners will see rates reduced by 7.4 percent.
