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  The governing board of Citizens Property Insurance Corp., Florida’s insurer of last resort, approved an average rate increase of at least 8.8 percent Friday for most of its homeowner policyholders beginning next year. The hike could go as high as 10.2 percent on average if state regulators accept an alternative version taking into account [...]

An issue discussed at the recent Florida Realtors Mid-Winter Meetings appears resolved, at least for now. Citizen’s Property Insurance Corp. – the state-owned insurer of last resort – relied on a single vendor, 360Value, to estimate a building’s replacement costs that, in turn, impact the amount of property insurance an owner had to buy. A [...]

Florida-owned Citizens Property Insurance can increase its rates no more than 10 percent per year, but the company has two options that allow it to raise rates without impacting that cap: nixing discounts some homeowners receive for hurricane mitigation efforts and increasing a home’s replacement cost in the premium calculation. Hurricane mitigation discounts Florida homeowners [...]

Winston Richards said Citizens Property Insurance, in Florida, insists he needs more than $400,000 in homeowners insurance even though real estate appraisers tell him his house is worth about $125,000. “It’s like having a gun in your ribs and saying we’re going to take this money away from you and there’s nothing you can do about [...]