TALLAHASSEE, Fla. -- Relief for some Florida residents. That's what Barry Gilway – CEO of Citizens Property Insurance – presented state regulators Wednesday.
"For the vast vast majority of Floridians insured with citizens, it's a decrease," he said.
Citizens is proposing a plan to lower premiums for almost all of its customers.
"70 percent of your households are getting decreases," Gilway added.
The past few years for citizens, rates have increased. But with the company reaching adequate levels, they can provide a few rate decreases, Gilways said.
For Duval County, about 4,500 homeowners would have an 8.6 percent drop in rates. But some counties are seeing an increase. In Flagler County, residents can expect the rate to go up by 2 percent.
State regulators are now tasked with approving the new plan. Come next Thursday, they will either give it a thumbs up or thumbs down.
"It's a fairly very thorough process that we review to ensure that the rates meet our statutory guidelines," said Kevin McCarty, the state's insurance commissioner.
If approved, the rates would take effect in January 2015.