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Hearing Set On Citizens Prop. Insurance Rate Hike

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TALLAHASSEE (CBSMiami/NSF) - State regulators will hold a public hearing next week in South Florida about proposed rate increases by the state-backed Citizens Property Insurance.

The Office of Insurance Regulation has scheduled the hearing for August 23rd at Florida International University's Kovens Conference Center.

Citizens Property Insurance proposed the increases in June, pointing to a surge in costly water damage claims.

The increases would vary by policy and property type, but, for example, would lead to an average 6.7 percent increase in rates for multi-peril homeowners' policies.

The Office of Insurance Regulation has to sign off before rate changes can take effect.

The News Service of Florida contributed to this report.

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