State Pushes Back Insurance Increase to May in Wake of Irma

Florida homeowners who insure their property through a state-created insurance company will see an average 6.6 percent increase in their multi-peril coverage next year, regulators announced Wednesday. But thanks to Hurricane Irma, the increase will be pushed back three months to May 1. The state Office of Insurance Regulation was supposed to approve Citizen Property Insurance Corporation’s rate request in September, but delayed the decision after the state was slammed by Irma. The degree to which the rates will increase — or in some areas go down — depends on where property is located. Some of the most populated areas like Miami-Dade, Broward and Palm Beach will see average increases topping 10 percent.

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