Insurance Regulators Approve Smaller Rate Hikes For Citizens Property Insurance

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

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

A majority of Citizens policyholders are in South Florida.

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.

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