The state’s insurer of last resort is proposing its first rate decrease in 10 years — big enough that its customers in some of the most historically storm-battered parts of the state will see average premium costs drop by hundreds of dollars.
Not every part of the state will benefit, however, as Santa Rosa County home owners will see their rates increase slightly by 5.5%. On average, premiums are expected to rise by $202 in the county next year, to a projected average premium of $3,871. About 33% of Santa Rosa County’s 4,471 Citizens’ policyholders are projected to see a premium decrease, however.
Statewide, Citizens Property Insurance Corp. is recommending an average 2.6% rate decrease for all its noncommercial property insurance lines at the same time it’s reached another milestone its leaders say indicates the bad old days of Florida’s insurance crisis are well in the rearview mirror…