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Homeowners across Florida, not only those insured by Citizens, face steep premium increases. (Photo: Thinkstock)

According to a June 20 report in the Miami Herald, South Florida homeowners insured by Citizens Property Insurance Corp. will likely see annual premiums rise by more than 10% next year if the company’s recently requested rate increase is approved.

Citizens Property Insurance Corporation was created by the Florida Legislature in August 2002 as a not-for-profit, tax-exempt, government entity. Its role is to provide insurance protection to Florida policyholders who are entitled to but are unable to find property insurance coverage in the private market.

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