ORLANDO, FL – Citizens Property Insurance Corporations’ Board of Governors on Wednesday approved a 2015 rate package that reflects an overall average 2.9 percent statewide decrease for personal residential policyholders across the state.
Single family homeowners will see an average drop of 3.2 percent for the coming year under a slate of rate recommendations that must be approved later by the Office of Insurance Regulation. Overall, personal and commercial rates will decrease by 1 percent.
Sinkhole rates in Pasco, Hillsborough and Pinellas Counties will remain the same for 2015. Sinkhole policyholders in Hernando County, which continues to have the highest loss ratio in the state, will see a 10 percent increase.
Following eight hurricane seasons with no major storms, five years of rate adjustments under the glide path and historically low reinsurance costs, nearly seven in 10 Citizens personal lines policyholders will see rate reductions in 2015, with 58 percent of customers receiving reductions of …