Citizens Announces Rate Increase

On November 10, 2011 Citizens received approval to amend rates for new and renewal home insurance policies.

We do not know how much the premium will be adjusted yet because the rate filling has not been revealed, but we do fortunately know that it will not go up more than 10% .  This is also good news for a few policyholders who will see up to a 5% reduction.

Policies will also see a slight increase in the emergency assessment by order of the Florida office of Insurance regulation. This is to help diminish the deficiencies that exist in the catastrophic hurricane fund. For a copy of this order, look here...

http://www.floir.com/pdf/2010CATFundEmergAssessmentPC.pdf

So  once again the policyholders of Citizens are playing rate roulette.   How this will affect home insurance policyholders in Pasco, Hernando, and Citrus counties is yet to be determined. But again we do know that the assessment will be mild and that the rate increase is limited to 10%, so this will not come as a huge shock to the policyholders of Florida.

Stay tuned to this blog for updates.