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PO Box 1212 Tampa, FL 33601 Pinellas Updated April 2006
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Coastal Condos May See 148% Increase TAMPA - The board of Citizens Property Insurance Corp. approved a 148 percent average statewide rate increase for condominium associations in coastal areas Thursday.
Average rate increases will be even more in Pinellas County, 211 percent, and Pasco County, 239 percent.
Citizens insures 1,812 condo associations in Pinellas County coastal areas that are considered at high risk for wind damage from hurricanes. Citizens insures 282 condo associations in similar high-risk areas in Pasco County. No condo associations in Hillsborough County are covered by Citizens High-Risk Account plan.
The plan, known as the HRA, covers the foundations and roofs, exterior structures and walls of condos for wind damage only. Condo associations also must buy a separate policy to cover other damage.
Before going into effect, the rate increase still must be approved by the Florida Office of Insurance Regulation, which had asked Citizens to conduct the study that led to Thursday's rate increase proposal.
Another major writer for condo associations, Tampa based Southern Family Insurance Co., was declared insolvent by the state Tuesday. The state's insurance regulators have said they expect that Southern will be liquidated.
The rate increases will be the most for condos built of frame or masonry construction and less for those built of wind-resistant material.
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