Citizens Property Insurance Corp. leaders Tuesday approved a proposed 7.2 percent average rate increase for residential policyholders, while also backing a plan that could lead to substantially higher rates in the future for new customers of the state-backed insurer.
The Citizens Board of Governors took the steps as it faces a surge in additional policies amid troubles in the state’s private property-insurance market. The troubles have driven up private rates and caused companies to pull back on covering homes, spurring customers to turn to Citizens.
