TALLAHASSEE, Fla. (AP) — Florida's largest property insurer plans to drop its rates next year.
The board for Citizens Property Insurance voted Wednesday to lower rates by an average of 3.2 percent for single family homeowners in 2015. The state-created insurer says that nearly 70 percent of those with homeowner policies should see some sort of decrease.
Citizens, which has more than 928,000 policyholders, has raised its rates for four straight years.
The decision to lower rates, which still must be approved by state regulators, is coming during an election year.
But company officials maintain several factors have diminished the need for rate hikes next year. The state has not been hit with a hurricane since 2005.
Some customers, including those who live near the coast, will still pay more in the coming year.
Cashing in on old gift cards
Did you get a gift card for the holiday? Or one you got awhile ago that you never got around to using. The Consumer Watchdog found millions…
Easy way to check if your car has been recalled
You depend on your car to be safe, but every year millions of cars get recalled for safety related issues.
Stop pre-approved credit card offers
Those pre-approved credit card offers in your mailbox can make you a victim of ID theft. Here's how to stop them.