Make us your home page
Instagram

Most Tampa Bay area condo owners to see drop in cost of Citizens insurance

Once more, Tampa Bay is being spared the brunt of Citizens Property Insurance rate hikes.

Statewide, rates are heading up next year for thousands of condo associations, commercial buildings and rental properties covered by the state-run insurer of last resort. But for most condo owners in the bay area, among other parts of the state, rates are likely to go down.

Under an order released late Monday by Florida Insurance Commissioner Kevin McCarty, Citizens will raise rates 10.4 percent on average statewide for its dwelling fire condo policies, slightly higher than the 9.8 percent rate the insurer initially sought. For much of the Tampa Bay region, however, dwelling fire condo rates will go down 5 percent on average.

Among other policy types: commercial residential ex-condo policies will go up 0.7 percent on average statewide, commercial residential condo up 8.1 percent and commercial nonresidential policies are unchanged. Within high-risk accounts: Condo wind-only policies will rise 11 percent on average; condo ex-wind policies will go up 11.3 percent; and commercial nonresidential up 9.9 percent.

The rate changes are effective between Jan. 1 and Feb. 1, 2011.

McCarty's office said approved rates contain both increases and decreases from what the Citizens board had requested because regulators used a different method to calculate rates. The Florida Legislature has capped rate increases at 10 percent per year, but Citizens can exceed that cap to help build up reserves in the Florida Hurricane Catastrophe Fund.

For Citizens, the biggest property insurer in Florida, most of its policies are with homeowners.

Last month, McCarty approved an average 10.3 percent rate increase for homeowners covered under both Citizens' personal lines accounts and high-risk accounts.

Most Tampa Bay area condo owners to see drop in cost of Citizens insurance 10/11/10 [Last modified: Monday, October 11, 2010 7:38pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Tampa is 15th-most popular city to move to with U-Haul

    Markets

    TAMPA —Tampa is undoubtedly a destination point, at least according to U-Haul.

    Tampa is the No. 15 destination for people moving with U-Haul trucks. | Times file photo
  2. Florida's economy growing faster than other big states and far better than U.S. overall

    Business

    When it comes to economic growth, Florida's running alongside the leading states and well ahead of the United States as a whole.

  3. Westshore Marina District project takes shape with another acquisition

    Real Estate

    TAMPA — One of Tampa Bay's prime waterfront areas took another major step toward redevelopment Friday as WCI Communities bought 2.35 acres in Westshore Marina District.

    WCI Communities, Lennar's high-end subsidiary,has paid $2.5 million for 2.35 acres in the Westshore Marina District for 35 townhomes. WCI is under contract  to buy an additional 9.5 acres.
[BTI Partners]
  4. Posh Guy Harvey RV park to open in Tampa Bay with $250,000 cottages

    Business

    HOLIDAY — Love those Guy Harvey T-shirts with the soaring marlins? In the not too distant future, you might be able to kick back in your own Guy Harvey cottage in the first-ever Guy Harvey RV park.

    Renderings of the clubhouse and an RV cottage site of the planned Guy Harvey Outpost Club & Resort Tarpon Springs.
[Guy Harvey Outpost Collection]
  5. Port Tampa Bay secures $9 million grant to deepen Big Bend Channel

    Business

    Port Tampa Bay has secured a $9 million grant from the U.S. Army Corps of Engineers for the widening and deepening of the Big Bend Channel in southern Hillsborough County.