Florida residents have been battling high homeowners insurance premiums for some time now, but unfortunately prices are set to increase even higher with recent approval to increase the state’s windstorm coverage. Citizens Property Insurance Corp., Florida’s state-provided homeowners insurance company, has been approved by state regulators to increase insurance average rates by 5.2 percent.
Continuous Increases on the Horizon
The increase is said to only affect people who buy wind policies; however, it comes on the heels of an increase approved in Oct. 2009 to insurance coverage premiums by an average of 5.4 percent statewide for customers who buy full-coverage policies.
According to recently-published reports, the windstorm rate change will take place in Feb.
