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Florida's Citizens Property Insurance Corp. Board Ratifies 2012 Rates

The new rates on homeowners' and dwelling fire policies take effect on Jan. 1 for new and renewal multi-peril business, and Feb. 1 for new and renewal wind-only business.

By Joan E. Collier | Updated on October 13, 2011

At its October 12 meeting, the board of governors of Citizens Property Insurance Corp. ratified rate increases recently approved by the Florida Office of Insurance Regulation. The rates will increase a statewide average of 6.2 percent and have a sinkhole cap of 32.8 percent. The new rates on homeowners’ and dwelling fire policies take effect on Jan. 1, 2012, for new and renewal multi-peril business, and Feb. 1, 2012, for new and renewal wind-only business.

In addition to ratifying the rates, the board also voted unanimously not to pursue a phase-in schedule for sinkhole rates that it approved at a September 12 meeting. The board reversed its position on the phase-in because the rates ultimately approved by the OIR were substantially lower than what the board sought.

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