Citizens insurance board backs revamped rates


The Citizens Property Insurance Board of Governors approved a revised rate hike Wednesday, lowering a proposed increase after passage of long-sought legislation that overhauls the controversial insurance practice known as assignment of benefits.

The plan to increase average residential premiums by 4.7 percent, down from a proposed 8.2 percent hike that Citizens advanced in December, must still be approved by the state Office of Insurance Regulation.

The 8.2 percent increase never took effect.…

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