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Press Release

REVISED: Office Issues Citizens Rate Filing Order on Commercial Lines
Friday, September 19, 2014
Contact Info:

Harvey Bennett                       Amy Bogner
(850) 413-2515                       (850) 413-2515
Harvey.Bennett@floir.com     Amy.Bogner@floir.com

CORRECTION: 
This corrects the total number of Citizens’ commercial policies initially provided to the Office.  The correct number is 37,257, instead of the previously stated 99,009, which actually represents the number of commercial structures insured.  This correction changes the number of policies in each of the commercial accounts in the chart (bolded numbers) and the estimated rate established by the Office for the Commercial Property Residential Condo Association Multi-Peril Account (from -4.3% to -4.1).  Please use these numbers in any future story.​


TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) has established the 2015 commercial residential and non-residential rates for Citizens Property Insurance Corporation (Citizens), Florida’s largest property insurer. Overall, statewide average commercial rates will increase 3.3%, compared to the 5.2% increase requested by Citizens.


The rate filing decision for Citizens homeowners accounts was made earlier this month and amounted to a statewide average rate decrease of 3.7%.


Today’s Order sets commercial rates for Citizens Non-Residential Multi-Peril, Non-Residential Wind Only, Residential Wind Only (excluding Condo Associations), Residential Wind Only (Condo Associations), Residential Multi-Peril (Condo Associations), and Residential Multi-Peril (excluding Condo Associations) accounts.  Commercial polices are found in both Citizens’ Commercial Lines and Coastal Accounts and represent 37,257 of Citizens’ 1,000,249 policies statewide as of December 31, 2013. 


The effective date for both new and renewal rates within the Commercial Lines and Coastal Accounts is February 1, 2015.  The chart below provides the overall statewide average rate changes established by the Office for each account individually:

(Incl. Sinkhole and FHCF Cash Buildup Factor Changes)
Account
Original Rate Requested
Estimated Rate Established
COMMERCIAL PROPERTY NON-RESIDENTIAL MULTI-PERIL
#14-14056  1,811 policies
(Commercial Lines Account)
+4.9% increase
+4.6% increase
COMMERCIAL PROPERTY NON-RESIDENTIAL WIND ONLY
#14-14264  19,671 policies
(Coastal Account)
+10.0% increase
+10.0% increase
COMMERCIAL PROPERTY RESIDENTIAL - EXCLUDING CONDO ASSN. WIND ONLY
#14-14425  4,002 policies
(Coastal Account)
+9.6% increase
+9.6% increase
COMMERCIAL PROPERTY RESIDENTIAL - CONDO ASSN. WIND ONLY
#14-14426  4,994
 policies
(Coastal Account)
+8.9% increase
+8.9% increase
COMMERCIAL PROPERTY RESIDENTIAL – CONDO ASSN. MULTI-PERIL
#14-15064  4,187 policies
(Commercial Lines Account)
+0.5% increase
-4.1% decrease
COMMERCIAL PROPERTY RESIDENTIAL – EXCLUDING CONDO ASSN. MULTI-PERIL  
#14-15157  2,592
 policies
(Commercial Lines Account)
+0.2% increase
-2.4% decrease
 
The Office reached its decision following a 45-day deliberative process, which included a public hearing conducted on August 27, 2014 in Tallahassee, Florida and feedback provided by interested parties.
 
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. 
 
For more information, visit the Citizens Public Rate Hearing webpage on the Office’s website.
Who:
What:
When:
Where:
Contact Info:

Harvey Bennett                       Amy Bogner
(850) 413-2515                       (850) 413-2515
Harvey.Bennett@floir.com     Amy.Bogner@floir.com

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.

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