Insurance news
From the South Florida Sun-Sentinel ... this may be of interest to Citizens policy holders:
Refund money on its way soon to some Citizens customers
By Kathy Bushouse
South Florida Sun-Sentinel
Posted February 12 2007, 8:08 PM EST
Refund checks will be in the mail starting Tuesday for some customers of Citizens Property Insurance Corp., Florida's largest home insurance company.
If you're a customer with a single-family home who already paid for the rate increase that took effect January 1, you'll get money back soon. How much you'll get depends on where you live, but refunds will be higher for homeowners in Citizens' high-risk area, which includes neighborhoods east of Interstate 95 in Broward County and neighborhoods east of I-95 or Alternate A1A in Palm Beach County.
Customers in Citizens' high-risk area will see their premiums go down by an average of 25.3 percent in Broward County and by an average of 22 percent in Palm Beach County, according to a rate adjustment filing Citizens made Friday with the state Office of Insurance Regulation.
This is the first of a series of rate changes for Citizens, mandated by the Legislature during last month's special session on property insurance.
Those living outside the high-risk area will see much smaller decreases, if any - an average decrease of 4.4 percent in Broward, and no decrease for customers in parts of Palm Beach County that aren't near the coast.
While refunds for Citizens' coastal customers start today, customers outside the high-risk area won't start getting money back until March 15, according to Citizens' filing.
Citizens' condominium customers won't see any money back yet, regardless of where they live, because their rates weren't scheduled for a price increase in January, said Susanne Murphy, Citizens executive vice president.
"Anyone who would have gotten an increase is having it rolled back," Murphy said.
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