Citizens property insurance leaders to vote on rate increase proposal

Average costs would increase 6 percent

WEST PALM BEACH, Fla. - Protecting your home during a storm could become more expensive. Citizens Property Insurance leaders will discuss raising rates during a board meeting Tuesday morning.

Statewide, policy-holders insuring a home will see an increase of about 6 percent. Condo owners will see rates rise an average of 7 percent.

 

A subcommittee recommended the new rates at a meeting Monday. If Citizens Board of Governors approves the proposal Tuesday, the state will review the rates before they take effect in February 2018. 

Below is how the rate changes measure up in the five counties on the Treasure Coast and Palm Beaches.

Multi-peril home policies:

  • Palm Beach County sees rate increase of 9.3 percent, which means the average policy premium rises from $2,631 to $2,877.
  • Martin County sees rate increase of 2.2 percent; making the average premium rise from $2,637 to $2,694.
  • St. Lucie County’s rates rise 8.9 percent, making making the average premium rise from $1,648 to $1,794.
  • Indian River County rates drop 2.6 percent, lowering the average premium to $1,724 instead of $1,771.
  • Okeechobee County would see a decrease of 8.6 percent, meaning premiums would go from $1,554 to $1,419.

Multi-Peril condo policies:

  • Palm Beach County rates would increase 4.9 percent, making the average policy jump from $971 to $1,019.
  • Martin County rates would rise 9.9 percent, increasing the average premium from $927 to $1,020.
  • St. Lucie County rates would go up 9.8 percent, causing the average premium costs to go from $942 to $1,035.
  • Indian River County rates rise 7.2 percent, meaning the average premium increases from $1,145 to $1,227.
  • Okeechobee County would see an increase of 10.1 percent, which makes the average premium increase from $1,675 to $1,844.

Citizens Insurance is a government-run company meant to provide protection to property owners who can’t find insurance in the private market.

The board meets at 9 a.m. in Maitland to vote on this proposal.

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