Rate decreases and in some cases, refunds, are on the way for almost 1.2 million Florida policyholders insured by Citizens Property Insurance Corp.
The reduced rates are the result of expanded access to coverage from the Florida Hurricane Catastrophe Fund. Citizens filed the rate decreases on March 16 with the Florida Office of Insurance Regulation.
“Homeowners in our high risk account will see rate reductions averaging 14.5 percent,” said Paul Palumbo, senior vice president of underwriting. “Commercial residential risks such as condominium associations in our high risk account along the coast will see rate reductions averaging 14.7 percent.”
Homeowners outside the high risk area will see rates decline an average of 6.7 percent according to Palumbo.
The lower rates will be available April 15 and will apply to policies effective Jan. 1 or later.
Policyholders who have already paid for coverage since Jan.1 will receive a refund check. Refund checks will start being mailed out around April 15, Palumbo said.
Rate reductions from expanded CAT fund coverage will not affect policies that do not include coverage for wind nor for commercial nonresidential policies because these policies are not covered by the Cat Fund.
Source: Citizens Property Insurance Corp.
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