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Press Release

Office Announces Rate Decision for Citizens Property Insurance Corporation’s Commercial Lines Account and Coastal Filings
Friday, October 19, 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) issued an Order yesterday establishing commercial lines account and coastal rates for Citizens Property Insurance Corporation (Citizens).  The effective dates for new and renewal rates on all commercial lines account policies are January 1, 2013 and February 1, 2013 for all coastal account policies.

The overall average statewide rate changes established by the Office are listed below:
 
 
(Incl. FHCF Cash Buildup Factor Changes)
Account
Total # of Policies
Earned Premium Amount
Original Rate Requested
Rate Established
COMMERCIAL LINES ACCOUNT
#12-14702 – Residential Other than Condo Assn.

#12-14703
– Residential Condo Assn.

#12-14707
– Nonresidential
 

13,901
 
 
32,698
 
 
2,247
 
 
$46,648,852
 
 
$155,518,443
 
 
$9,796,877
 
 
11.4% increase
 
 
11.0% increase
 
 
10.0% increase
 
 
3.1% increase
 
 
9.9% increase
 
 
10.0% increase
COASTAL ACCOUNT – (Wind Only)
#12-15425 – Residential Condo Assn.
#12-15426 – Residential Other than Condo Assn.

#12-15611
- Nonresidential
 
 
23,005
 
 
10,061
 
 
36,686
 
 
$116,868,061
 
 
$33,212,446
 
 
$86,872,195
 
 
11.5% increase
 
 
11.6% increase
 
 
10.0% increase
 
 
10.6% increase
 
 
10.8% increase
 
 
10.0% increase
TOTAL OVERALL STATEWIDE AVERAGES FOR ALL COMMERCIAL LINES ACCOUNT/COASTAL FILINGS:
118,598
$448,916,874
11.0% increase
 
9.5% increase


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, members of the legislature, Citizens’ policyholders, and the public. 

A decision on Citizens homeowners’ and dwelling fire rate filings was issued on October 1, 2012 and mobile homeowners’ and mobile home physical damage rate filings on October 8, 2012.

Rate filings 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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