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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