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Florida approves rate increases for state-backed home insurer
By Insure.com staff

Florida Insurance Commissioner Kevin McCarty approved rates Oct. 11 for the state-backed Citizens Property Insurance Corp. covering condominium associations, rental properties, commercial buildings and other structures.

The newest updated rates follow the commissioner's Sept. 23 approval of Citizens' home insurance rates, which included an average 10.3 percent increase for homeowners and a 9.2 percent increase for mobile homes.

Citizens is a state-run insurer that provides property insurance for owners who can't get affordable coverage in the private market.

The most recent approved rates include a 10.4 percent increase for fire coverage for rental home properties; 8.1 percent increase for commercial residential condominiums; 11 percent increase for wind coverage for condominium associations; and 9.9 percent hike for commercial non-residential buildings in high-risk coastal areas.

Effective dates are Jan. 1, 2011, or Feb. 1, 2011, depending on the type of coverage.

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