TALLAHASSEE (CBSMiami/NSF) – During a meeting this week at Miami Dade College, the Board of Governors for Citizens Property Insurance Corp. will discuss proposed rate increases for the state-backed agency’s 1.26 million policy holders.
The new rates, which for policy holders will vary depending on coverage and location, are expected to be between 6.9 percent and 8.8 percent higher.
The premium costs are expected to cover Citizens’ projected losses and expenses during the next year. The 6.9 percent increase would create a $178 million increase to premiums.
An 8.8 percent increase translates into $226 million more in premiums.
Citizens’ committee meetings are planned for Tuesday, with the board meeting on Wednesday.
The News Service of Florida contributed to this report.