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Press Release

Office Announces Rate Decision for Citizens Property Insurance Corporation's Mobile Home Filings
Monday, October 08, 2012
Contact Info:

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


 

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.
 

Who:
What:
When:
Where:
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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