TALLAHASSEE — Regulators have ordered the state-backed Citizens Property Insurance Corp. to trim its proposed rate increases from the 12% it sought.
Florida Insurance Commissioner Michael Yaworsky signed an order Friday that took issue with parts of a Citizens rate proposal that included increasing rates by 12% for homeowners with the most common type of policies.
The order, posted on the state Office of Insurance Regulation website, directed Citizens to “calculate new, reduced, overall average statewide rate increases for the rate filings” covered by the order.
The revisions could lead to a range of increases up to 12% for policies on primary residences — or, possibly for some policyholders, no increases, according to the order. Under a law that passed last year, rates could increase up to 50% for homes that are not primary residences.
“We are reviewing the final order and will submit a revised set of recommendations, as requested, based upon OIR’s findings and directives,” Michael Peltier, a Citizens spokesman, said in an email Monday. read more