The Citizens Property Insurance Corp. has approved an average 8.8 percent rate increase for 2013 for most of its homeowner policyholders. The increase will be higher in areas at risk for sinkholes, such as Tampa. Citizens must now submit the rate increase to the state's Office of Insurance Regulation for approval, which must be given within 45 days.
The rate increase is meant to help the state-owned Citizens be able to fund its policies should a hurricane strike and to encourage homeowners to seek alternate insurance. Citizens is meant to be the insurer of last resort in Florida.
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