Florida businesses and homeowners doing business with state-backed Citizens Property Insurance Corp. will see double-digit premium increases in most cases early next year.
The Office of Insurance Regulation on Tuesday approved a 10.8 percent increase on homeowners' policies and an 8.8 percent increase on dwelling fire rates. Homeowners with sinkhole coverage will see an increase of 21.4 percent on their bills and those with dwelling fire policies who want sinkhole coverage will get a 44.8 percent increase. Most take effect Jan. 1. Rates for wind-only policies take effect Feb. 1.