Residents in Florida who have a homeowners' policy with the state's residual insurer can expect to pay an average 10.8 percent more for insurance at the start of the year.
The rate increase, coupled with an average 8.8 percent hike on dwelling fire policies, signals a "more reasonable approach toward moving a significant portion of Florida's demographic to actuarially-supported rates," says Insurance Commissioner Kevin McCarty, in a statement.
Citizens Property Insurance Corp, Florida's last-resort insurer, had asked McCarty's office for an average 11.8 percent rate increase on for homeowners' policies and a 12 percent increase for dwelling fire.
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