State approves Citizens Insurance rate hikes for Broward and Palm Beach customers

On Monday, the state Office of Insurance Regulation approved an average 9.6 percent rate hike for the company’s 29,212 multiperil residential policyholders in Broward, effective on Dec. 1. Average premiums will increase from $3,057 to $3,351. Just four years ago in 2015, the average was $2,611.