Citizens Property Insurance Corporation’s Board of Governors has approved a 2016 rate package that lowers rates for nearly half of Citizens’ personal lines policyholders while responding to increased water loss claims and continued inadequate rates for its remaining policyholders along the coast, according to a statement by the insurer.

By unanimous vote, the board approved an overall rate increase of 3.2 percent for personal lines policyholders, with most of the increases targeting property owners along the coast and in South Florida, where the company said rates continue to be inadequate.

Coastal homeowners will see average multiperil increases of 8.6 percent while mobile homeowners and condominium owners will see rates rise by up to 10.2 percent. Personal lines policyholders clustered in Palm Beach, Broward, Miami-Dade and Monroe counties will see the bulk of higher rates under the Legislative glide path established to bring those rates in line with the private market, if the rate package is approved.

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http://www.insurancejournal.com/news/southeast/2015/06/25/372937.htm

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