State regulators say home and auto insurance rates in Floridashould dip 1.5% in July, according to a report by MyFoxOrlando.com. Florida residentswho pay a private insurance company for coverage on a car,motorcycle, boat or house will see savings of $15 per $1,000 ofpremium.

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Thomas Cotton, owner of Hugh Cotton Insurance in Orlando, tellsMyFoxOrlando.com that insurance companies will stop collecting a1.5% emergency assessment on policies, allowing policy holders tocatch a break this summer.

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“We’ve been paying that add-on fee for the last several years tomake sure Citizens Property Insurance does not go out of business,”explains Cotton. He says Citizens is doing much better now asprivate companies have been taking policies away from it over thelast few years.

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“(Citizens) has fewer policies than it had at inception, and nowit has adequate layers of reinsurance—which it previously didn’thave,” Cotton tells MyFoxOrlando.com.

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If Florida doesn’t experience a major storm this hurricaneseason, Citizens could drop the number of policies it holds from600,000 to 450,000 this year, says MyFoxOrlando.com.

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Read more from MyFoxOrlando.com HERE.

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