Citizens Property Insurance Corporation (Citizens) Rate Hearing
On August 27, 2014, the Florida Office of Insurance Regulation (Office) conducted a public hearing at the Florida State Capitol located in Tallahassee, FL.
The purpose of the public hearing was to discuss Citizens’ proposed rate changes for its business in the Coastal Account (CA), Commercial Lines
Account (CLA) and the Personal Lines Account (PLA).
These accounts include, but are not limited to: commercial property, homeowners, mobile home and the dwelling/fire lines of business.
ADDITIONAL HEARING INFORMATION
RATE FILING DECISIONS:
Includes Sinkhole and FL Hurricane
Catastrophe Fund Buildup Factor Changes |
Date |
File Log # |
Account |
Total # of Policies |
Earned Premium Amount |
Estimated Rate Established |
Order/Exhibits |
9/19/2014 |
14-14056 |
Commercial Property Non-Residential Multi-Peril (Commercial Lines Account) |
1,811 |
$12,492,583 |
+4.6% increase |
Order
Applies to all six filings.
Summary
|
|
14-14264 |
Commercial Property Non-Residential Wind Only (Coastal Account) |
19,671 |
$92,571,771 |
+10% increase |
Summary - Class Rated
Summary - Special Class
|
|
14-14425 |
Commercial Property Residential – Excluding Condo Assn. Wind Only (Coastal Account) |
4,002 |
$30,969,791 |
+9.6% increase |
Summary |
|
14-14426 |
Commercial Property Residential – Condo Assn. Wind Only (Coastal Account) |
4,994 |
$114,794,015 |
+8.9% increase |
Summary |
|
14-15064 |
Commercial Property Residential – Condo Assn. Multi-Peril (Commercial Lines Account) |
4,187 |
$161,880,185 |
-4.1% decrease |
Summary |
|
14-15157 |
Commercial Property Residential Excluding Condo Assn. Multi-Peril (Commercial Lines Account) |
2,592 |
$42,797,921 |
-2.4% decrease |
Summary |
9/5/2014 |
14-13202 |
Homeowners Multi-Peril - (Personal Lines Account) |
614,678 |
$1,302,108,898 |
-6.1% decrease |
Order
Applies to all eight filings. HO-3,
HO-4,
HO-6,
Summary |
|
14-13203 |
Homeowners Multi-Peril Wind Only – (Coastal Account) |
199,129 |
$426,954,214 |
+3.8% increase |
HO-3,
HO-4,
HO-6,
Summary |
|
14-13383 |
Property/Personal (Dwelling Fire) - (Personal Lines Account) |
278,292 |
$457,974,622 |
-4.7% decrease |
DP-1, DP-3, Summary |
|
14-13384 |
Property/Personal (Dwelling Fire) Wind Only – (Coastal Account) |
25,786 |
$49,028,544 |
+6.6% increase |
DP-3, Summary |
|
14-13667 |
Mobile Homeowners Wind Only – (Coastal Account) |
6,577 |
$6,140,332 |
+8.2% increase |
MHO-3,
MHO-4,
Summary
|
|
14-13668 |
Mobile Homeowners Multi-Peril – (Personal Lines Account) |
55,864 |
$64,958,221 |
-4.6% decrease |
MHO-3,
MHO-4,
Summary,
|
|
14-13749 |
Mobile Homeowners Physical Damage Only (Dwelling Fire) Multi-Peril – (Personal Lines Account) |
76,100 |
$44,220,214 |
-4.8% decrease |
MHO, Summary |
|
14-13751 |
Mobile Homeowners Physical Damage Only (Dwelling Fire) Wind Only – (Coastal Account) |
594 |
$553,193 |
+8.6% increase |
MHO, Summary |
PROPOSED RATE LEVEL EFFECTS:
The proposed Citizens rate filings listed below can be accessed via the I-File Forms & Rates Search
system using the following search criteria: file log numbers (see chart below) or by entering "Citizens" as the
"company name" in the "Quick Search"
tab. Scroll down to the bottom of the results page for the most recent filing information.
File Log # |
Overall Proposed Rate Change |
Account |
Proposed Rate Filing
Exhibits (by County)
|
14-13202 |
-5.8% decrease |
Homeowners Multi-Peril (PLA) |
HO-3,
HO-4,
HO-6,
Summary
|
14-13203 |
+3.8% increase |
Homeowners Multi-Peril Wind Only (CA) |
HO-3,
HO-4,
HO-6
Summary
|
14-13383 |
-4.5% decrease |
Property/Personal (Dwelling Fire) (PLA) |
Summary |
14-13384 |
+6.8% increase |
Property/Personal (Dwelling Fire) Wind Only (CA) |
Summary |
14-13667 |
+8.2% increase |
Mobile Homeowners Multi-Peril Wind Only (CA) |
MHO-3,
MHO-4,
Summary |
14-13668 |
-4.3% decrease |
Mobile Homeowners Multi-Peril (PLA) |
MHO-3,
MHO-4,
Summary |
14-13749 |
-4.3% decrease |
Mobile Homeowners Physical Damage Only (Dwelling) Multi-Peril (PLA) |
Summary |
14-13751 |
+8.6% increase |
Mobile Homeowners Physical Damage Only (Dwelling) Wind Only (CA) |
Summary |
14-14056 |
+4.9% increase |
Commercial Property Non-Residential Multi-Peril (CLA) |
Summary |
14-14264 |
+10.0% increase |
Commercial Property Non-Residential Wind Only (CA) |
Summary - Class Rated,
Summary - Special Class
|
14-14425 |
+9.6% increase |
Commercial Property Residential - Excluding Condo Assn. Wind Only (CA) |
Summary |
14-14426 |
+8.9% increase |
Commercial Property Residential - Condo Assn. Wind Only (CA) |
Summary |
14-15064 |
+0.5% increase |
Property Commercial Residential – Condo Assn. Multi-Peril (CLA) |
Summary |
14-15157 |
+0.2% increase |
Property Commercial Residential – Excluding Condo Assn. Multi-Peril (CLA) |
Summary |
The proposed rate changes also include total increases for sinkhole coverage of 0.7% to DP-1 (Dwelling/Fire), 1.5% to DP-3 (Dwelling/Fire),
and 2.7% to HO-3 (Homeowners). The requested rate increases are not uniform. The effective date of the proposed rate changes for all three
accounts (Coastal, Commercial Lines, and Personal Lines) is February 1, 2015, for new and renewal business.
Contact Information: