NU Online News Service, Oct. 12, 3:24 p.m. EDT
Several weeks after it was approved to raise homeowners rates, Florida's last resort insurer has been given the go-ahead for rate increases for condominium associations, commercial buildings and rental properties.
The highest increase granted to the state-run Citizens Property Insurance Corp. was 11.3 percent for high-risk condominium associations with no wind coverage. Associations with wind-only policies will see an 11 percent hike.
Commercial nonresidential high-risk policies are set to increase 9.9 percent.
Rates for commercial residential condominium policies will rise 8.1 percent, the OIR said.
The OIR said its rates for Citizens also "reflected Citizens' loss trend, based on history of frequency and severity of non-catastrophe claims."
Depending on the coverage, rates go into effect from Jan. 1, 2011 to Feb. 1, 2011.
Last month the OIR approved an average statewide homeowners insurance rate increase for Citizens of 10.3 percent, which was slightly more than the state-run insurer asked regulators to approve.
The insurer also got a 9.2 percent increase for mobile homeowners insurance. Citizens had requested a 7.4 percent hike.
Like it did when it approved higher-than-requested rates for Citizens last month, the OIR said it used a different methodology to better reflect the prospective costs Citizens will bear in 2011.
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