Citizens rate hikes approved

TALLAHASSEE, Florida (AP) — Mobile homeowners insured by state-backed Citizens Property Insurance Corp. will see an 11 percent increase on their insurance policies in 2010.

Florida Insurance Commissioner Kevin McCarty signed an order Thursday establishing rates for the Citizens high-risk accounts. The approved rates are close to those requested by Citizens at a rate hearing earlier this month.

Condo associations will see their rates increased 9.4 percent, nonresidential commercial property rates go up 9.3 percent and homeowners will see a 5.4 percent increase.

McCarty said the intent of the new rates is to get Citizens' rates closer to an actuarially sound level sought by the Legislature, which capped Citizens' annual rate increases at 10 percent.