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Citizens gets OK to raise most rates

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The Tampa Tribune

Published: October 31, 2009

TALLAHASSEE - State-backed Citizens Property Insurance Corp. has won approval to raise rates by an average of 5.4 percent for homeowner coverage that includes hurricane damage, except in high-risk coastal areas where premiums will be revised later.
Florida Insurance Commissioner Kevin McCarty announced new rates Friday for 719,000 policies of various types including 350,000 homeowners. They will go into effect Jan. 1.

Also approved were increases of 8.8 percent for residential rental properties, 1.7 percent for owners of mobile homes, 2.1 percent for physical damage to commercial mobile homes and 10.2 percent for residential condominium associations.

Citizens, the state's largest property insurer, separately is seeking higher rates for 330,000 policies in high-risk areas along the coastlines.

The Associated Press

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