MIAMI (CBSMiami) – Insurance regulators have approved smaller rate hikes for Citizens Property Insurance.

It comes at a good time as we approach hurricane season.

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A majority of Citizens policyholders are in South Florida.

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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.

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Rate hikes take effect on policies that renew after Aug. 1.