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Some Property Insurance Relief for Florida

Citizens Property Insurance has always been Florida’s insuror of last resort, bound by the Florida Legislature to have rates higher than all other companies, in order to be non-competitive. Everyone in Florida has been complaining about rising insurance rates – during the last elections, the candidate’s planned agendas were usurped by questions from the audience concerning what they were going to do about insurance rates.

Early predictions called for rate reductions of up to 24% – those just approved for Citizens are much less. For basic policies, the rate reductions are in the 2.9 to 6.7% range; for high risk coastal area, savings can be 12 to 14%.

Most important, though, is Citizens will now be allowed to compete for customers, and no longer has to have the highest rates in Florida. This is good news for St. Petersburg and Pinellas County homeowners.

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