Office Announces Rate Decision for Citizens Property Insurance Corporation's Mobile Home Filings
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) today issued an Order establishing mobile home rates for Citizens Property Insurance Corporation (Citizens). The effective dates for new rates on both the mobile home multi-peril and physical damage (dwelling fire) policies are January 1, 2013 for new and renewal personal lines account policies, and February 1, 2013 for new and renewal coastal account policies.
The overall average statewide rate changes established by the Office are:
|
|
(Incl. FHCF Cash Buildup Factor Changes) |
Account |
Total Number of Policies |
Original Rate Requested |
Rate Established |
MOBILE HOMEOWNERS
#12-14394
(Personal Lines Account)
#12-14395
(Coastal Account) |
72,562 |
4.1% increase |
-1.2% decrease |
MOBILE HOME PHYSICAL DAMAGE (Dwelling Fire)
#12-14400
(Personal Lines Account)
#12-14401
(Coastal Account) |
98,466 |
3.7% increase |
2.6% increase |
TOTAL OVERALL STATEWIDE AVERAGES FOR ALL MOBILE HOME FILINGS: |
171,028 |
3.9% increase
|
0.3% increase |
In the Order, Citizens is mandated by the Office to conduct a study of its mobile home business, which will include the following factors: age of home, actual cash value of home, estimated replacement cost of home, policy value, and the amount of premium paid for these policies. A review of these factors would need to be completed prior to a subsequent filing.
The Office reached its decision following a 45-day deliberative review process that included a public hearing conducted on September 20, 2012 in Miami, Florida. This hearing allowed Citizens to present additional information, and featured feedback from the Office of the Insurance Consumer Advocate, legislative representatives, Citizens’ policyholders, and the public.
A decision on Citizens homeowners’ and dwelling fire rate filings was issued on October 1, 2012. Click here to view the press release. Tentatively, the Office expects to render a decision for the following commercial lines filings on October 19, 2012:
Commercial Lines Account (#12-14702, #12-14703, #12-14707)
Commercial Lines – wind only (#12-15425, #12-15426, and #12-15611)
Any of the filings submitted to the Office by Citizens can be accessed via the I-file database using the following search criteria: enter the file log number or “Citizens” in the company name field. When the selection appears, scroll to the bottom of the results page for the most recent filing information.
For more information about the Citizens public rate hearing and filings, visit the Citizens Property Insurance Rate Filing page on the Office’s website.