Florida's state insurer has approved a rate hike, increasing homeowner multiperil policies by 13.5% and condo owners by 14.2%. The average insurance cost for homeowners, renters, and mobile home dwellers is expected to rise by 14%. These new rates, subject to review by the Office of Insurance Regulation, may be implemented in January. Rising insurance costs are attributed to climate-change-related weather disruptions, leading some residents to switch to Citizens, the state's largest insurer.
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