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Media Advisory

Citizens Property Insurance Corporation (Citizens) Public Rate Hearing
Wednesday, September 05, 2012
Contact Info:

                                Jack McDermott                        Amy Bogner
                                850-413-2515                           850-413-2515                                    
                               
Jack.McDermott@floir.com         Amy.Bogner@floir.com

Who:
Citizens Property Insurance Corporation (Citizens
What:

The Florida Office of Insurance Regulation (Office) will conduct a public hearing to discuss Citizens’ proposed rate increases for its business in the Coastal Account, formerly known as the High Risk Account (HRA), and the Personal Lines Account (PLA). These accounts include, but are not limited to, homeowners’, mobile home, and dwelling/fire lines of business. Additional filings on behalf of Citizens for its Commercial Lines Account and for commercial lines of business within its Coastal Account will be forthcoming. Evidence regarding such filings may be received at the hearing.

Citizens’ proposed statewide average rate increases for its homeowners’ line of business, including sinkhole, are 11.1 percent for the Coastal Account and 12 percent for the Personal Lines Account. The sinkhole coverage rate changes range from a decrease of 35.1 percent in Palm Beach (remainder of the county – other than coastal) to an increase of 111.9 percent in Marion County. Key sinkhole counties of Hernando, Hillsborough and Pasco reflect a 50 percent increase.
 
Listed in the chart below are the proposed rate changes (by file log number) that have already been filed by Citizens with the Office. These filings can be accessed via the I-file database using the following search criteria: file log numbers (provided below) or entering Citizens as the "company name." Scroll down to the bottom of the results page for the most recent filing information.
 
File Log #
Overall Proposed Rate Change
Account
11.1% increase
Homeowners (Coastal Account)
12.0% increase
Homeowners (Personal Lines Account)
11.2% increase
Dwelling Fire Wind Only (Coastal Account)
12.2% increase
Dwelling Fire (Personal
Lines Account)
3.6% increase
Mobile Home (Personal Lines Account)
10.7% increase
Mobile Home (Coastal Account)
 
3.7% increase
Mobile Home Physical Damage (Personal Lines Account)
 
10.6% increase
Mobile Home Physical Damage (Coastal Account)
11.4% increase
Commercial Lines Residential Other than Condo Assn.
11% increase
Commercial Lines Condo Assn.
12-14707
 
10% increase
Commercial Lines Nonresidential
 
Consumers and other interested parties are welcome to submit comments
about these filings by sending an email to: RateHearings@floir.com. Please
include "Citizens" in the subject line of your email. For more information
about this hearing, visit the "Citizens’ Property Insurance Rate Filing"
webpage on the Office website.

 

When:
Thursday, September 20, 2012 4:00 PM
Where:

Miami-Dade College
Wolfson Campus
Chapman Center, Room 3210
300 NE 2nd Ave.
Miami, FL 33132

The Florida Channel will stream the hearing live online. A videotaped recording of the hearing will be available on the Office’s website at a later date.

Contact Info:

                                Jack McDermott                        Amy Bogner
                                850-413-2515                           850-413-2515                                    
                               
Jack.McDermott@floir.com         Amy.Bogner@floir.com

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation (Office) 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.

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