Homeowners covered by Citizens Property Insurance Corp. will see an average rate increase of 6.3 percent next year.
The increase, approved Monday by the Office of Insurance Regulation, is down from a 7.9 percent hike requested on the combined personal-lines and coastal accounts. Citizens officials previously said a 7.9 percent increase wouldn't be enough to cover the projected costs for next year.
As a very young man, I remember getting a phone call from mom (then a bank VP) telling me to get my butt out of the house and get some money in my account because I was about to be overdrawn. The point is, I learned from a very young age to watch my expenses and know how much I could afford. When funding a home, for instance, it always makes sense to try to figure not only what your current payments will be but to also adjust for things getting more expensive—such as taxes and insurance.