Property insurance is on the rise for Florida homeowners. Federated National Insurance has been approved for a 19% increase, Northern Capital Group has been approved for a 10% increase and nearly half a dozen other companies have applied for rate increases.
Citizens Property Insurance, a state-run property insurer that covers mainly coastal and high risk properties, has submitted an increase for the first time since it's rates were frozen back in 2007. A new law passed in May of 2009 states that Citizens must raise rates nearly 10% a year over the next five years. After compiling an analysis for the filing of 2010, the staff at Citizens found that homeowners in some areas across the state would actually see decreases in their premiums. Many of these homeowners that qualify for a decrease in their premiums live inland or the northern parts of Florida.
