MIAMI (CBSMiami) – Insurance regulators have approved smaller rate hikes for Citizens Property Insurance.
It comes at a good time as we approach hurricane season.READ MORE: Stimulus Check Update: Will You Get A Fourth Relief Payment?
A majority of Citizens policyholders are in South Florida.READ MORE: Mega Millions Jackpot Increases To $430 Million For Friday Night's Draw On CBS4
According to the Florida Office of Insurance Regulation, it has approved average increases of about 5%, not the 7% Citizens wanted.
Some policyholders may even see their annual premiums reduced.MORE NEWS: Parkland Shooting Survivors David Hogg, Sam Fuentes Reflect After Filming New Doc: 'We Live In A Society Where We Really Don't Value Human Life'
Rate hikes take effect on policies that renew after Aug. 1.