Citizens Property Insurance board approves 10% rate hike

Ending a three-year rate freeze, the board of state-run Citizens Property Insurance approved raising rates for most policyholders by 10 percent next year. After a heated debate Wednesday, Citizens also agreed to cap any rate cuts at 10 percent as well, rejecting a committee recommendation that rates remain frozen for those customers. Only about 80,000 of Citizen's 1 million policies, including some in Pinellas County, would qualify for rate cuts based on computer models used by the insurer.

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