State-run insurer Citizens backed off proposals to uncap rates for new customers and limit coverage for water damage but its board voted Friday to approve an average 10.2 percent increase in premiums.
In an unusual move, the board approved sending regulators two sets of rates. One is an average 8.8 percent increase statewide. But the board later narrowly voted to recommend a second set of rates reflecting risk factors that amounted to a 10.2 percent increase.
The rate filings would take effect in 2013 and are subject to approval by the state’s Office of Insurance Regulation. Citizens, the state’s largest property insurer, has 1.4 million customers statewide and 140,000 in Palm Beach County
via Citizens board approves 10.2 percent insurance increase.