It's not often that someone says "be happy" that a property insurance rate hike is coming, but in the case of state-backed Citizens, that's the advice from the Insurance Information Institute's Mark Friedlander.
Florida's insurer of last resort is imposing a statewide average 6.4% increase in premiums this week, and Friedlander says that increase is much lower than what those with private insurers are seeing--an average of 33%.
Citizens says it will be able to pay out all its claims after Hurricane Ian, and a rate hike will keep the company in good financial standing.
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