Florida Office of Insurance Regulation Issues Orders Establishing 2018 Rates for Citizens
TALLAHASSEE, Fla.–The Florida Office of Insurance Regulation (Office) has established the 2018personaland commercial propertyinsurance rates for Citizens Property Insurance Corporation (Citizens). This action comes after a postponement in the rate filing review process due to the impact of Hurricane Irma and the issuance of an Emergency Order by the Office to assist consumers recovering from this storm. The Emergency Order expired on December 3, 2017.
The Office has reviewed these filings and considered the comments and testimony received from policyholders and other interested parties, both by email and during a public rate hearing held on August 23, 2017, in Miami, FL.As a result of this review, the Office has established the rates for Citizens personal and commercial property accounts. The Orders can be accessed here: Personal Property Order,Commercial Property Order. The effective date for both new and renewal ratesisno earlier than May1, 2018.
The chart below provides the overall estimated statewide average rate changes established by the Office for each line of businessindividually:
|(Incl. FHCF Cash Buildup Factor Changes)|
|Account||Original Rate Requested||Estimated Rate Established*|
|Homeowners Multi-Peril (PLA) #17-16826||6.7% increase||6.6% increase|
|Homeowners Wind Only (CA) #17-16827||1.7% increase||0.9% increase|
|Property/Personal (Dwelling Fire) (PLA) #17-16966||5.2% increase||5.2% increase|
|Property/Personal (Dwelling Fire) Wind Only (CA) #17-16967||6.3% increase||4.6% increase|
|Mobile Homeowners Multi-Peril (PLA) #17-17210||3.9% increase||3.9% increase|
|Mobile Homeowners Wind Only (CA) #17-17211||9.8% increase||9.8% increase|
|Mobile Homeowners (Dwelling Fire) (PLA) #17-17409||7.1% increase||7.1% increase|
|Mobile Homeowners (Dwelling Fire) Wind Only (CA) #17-17410||10.0% increase||10.0% increase|
|Commercial Property Residential Multi-Peril (Condo Assn.) (CLA) #17-18043||4.8% increase||4.8%increase|
|Commercial Property Residential Multi-Peril (Ex. Condo Assn.) (CLA) #17-18044||4.7% increase||4.6% increase|
|Commercial Property Non-Residential Multi-Peril (CLA) #17-18234||8.1% increase||8.1% increase|
|Commercial Property Residential Wind Only (Condo Assn.) (CA) #17-18869||10.3% increase||10.1% increase|
|Commercial Property Residential Wind Only (Ex. Condo Assn.) (CA) #17-18870||9.8% increase||9.8% increase|
|Commercial Property Non-Residential Wind Only (CA) #17-18965||9.4% increase||9.4% increase|
*This is an estimate of the rate effect on earned premiums determined using selected changes from the in-force policy distributions and the rates in the Order.
Rate filings can be accessed via the “I-File Forms & Rate Filing Search” system using the following search criteria in either the “Quick Search” or “Advanced Search” options: file log numbers or by entering “Citizens Property Insurance Corporation” as the “company name”.When the selection appears, scroll to the bottom of the results page for the most recent filing information.
Visit the Citizens Public Rate Hearing webpage on the Office’s websitefor additional information.
About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit www.floir.com or follow us on Twitter @FLOIR_comm and Facebook.