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Citizens Property Insurance customers will soon be paying more.

The Office of Insurance Regulation has signed off on a 5.4 percent rate increase for homeowners policies. The increases fluctuate depending on the policy type. The increase could have been much higher. This spring the state legislature agreed to let a freeze on Citizen’s policies expire and voted to allow rates to increase up to 10 percent. OIR deputy commissioner Belinda Miller says Citizen’s customers can expect to see increases for at least the next three years.

“If we did it all at once, it would for example, for the H03 filing, the home owners product, it would result in the neighborhood of a 30-35 percent increase. So, what the legislature did is said “we’re going to do no more than a 10 percent for each policy holder per year until we get to that,” said Miller.

The rate increase will affect a million Citizen’s customers in Florida. The rate increase will go into effect January 1st 2010.

Rate Increases According to Policy Type:

Personal Lines Accounts (PLA):

Homeowners: 5.4 percent
Dwelling Fire: 8.8 percent
Mobile Homeowners: 1.7 percent

Mobile Homeowners Physical Damage Accounts and Commercial Lines Accounts (CLA):

Mobile Home Physical Damage: 2.1 percent
Commercial Property Residential-Condo Assoc: 10.2 percent
Commercial Property Residential-Ex-wind-Condo Assoc: 10.2 percent