February 14, 2007
Citizens Property Insurance To Issue Refunds
Florida’s state-sponsored insurer, Citizens Property Insurance Corp. recently announced a timetable for its rate reductions. It will also be mailing a refund check to each of its 1.3 million customers soon. 20,000 policyholders will begin seeing checks as early as April 15 following the rate reduction.
A special session of the Florida legislature was held to address the rising costs of homeowners insurance. The refunds came after this session. During the last few hurricane seasons, rates went up as much as 22 percent for some of Florida's ‘high-risk’ homeowners.
The rate cuts are going to be anything but even however. For some reason, hurricane prone Palm Beach County will only see an average drop of 2 percent, while Martin County will see rates fall by around 14 percent.
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