The Florida Office of Insurance Regulations (FLOIR) has been busy these past few weeks, raising Citizen’s Property Insurance Corporation coastal policy costs by an average 10.9 percent for consumers and finalizing a rate hike of 14.5 percent for workers’ compensation costs to employers across the state.
Citizen’s Property Insurance Corporation is a state-backed insurer designed to offer policies for properties no other company will insure. This coastal rate increase followed behind a similar increase to other residential policies.
Commercial properties will also see an increase of roughly 4.9 percent.
Wallace Moorehand is a State Farm Insurance agent in Fort Walton. He has followed both of these issues closely as FLOIR processed the rate requests.
“If they are living on Navarre Beach they will likely experience close to the 10.9, but it is hard to generalize it,” he said. “It is a case-by-case situation.”
Moorehand gave the example of a concrete house versus a wood frame home on Navarre Beach. He said in general, the wood frame home would likely see a larger increase.
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