Citizens Rate Drop Approved

State regulators are signing off on rate decreases for Florida's largest property insurer.

The Office of Insurance Regulation announced Friday it has approved an average 3.7 percent rate decrease for homeowners covered by Citizens Property Insurance. The rate drop will take effect in February 2015.

Rates aren't going down for all customers.

They are going up an average of nearly 4 percent for nearly 200,000 homeowners who live near the coast and have only hurricane coverage.

The state-created insurer has nearly 934,000 policyholders across Florida.

The decision to lower rates is coming during an election year and follows several years of rate hikes. It also follows a push by legislators and Gov. Rick Scott to trim the number of policyholders of Citizens.

Copyright AP - Associated Press
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