Citizens Property Insurance Corporation (Citizens) Rate Hearing
On August 25, 2015, the Florida Office of Insurance Regulation (Office) conducted a public hearing at the Florida State Capitol in Tallahassee, FL.
The purpose of the public hearing was to discuss Citizens’ proposed rate changes for its business in the multi-peril and wind only Coastal Account (CA), Commercial Lines
Account (CLA) and the Personal Lines Account (PLA).
These accounts included, but were not limited to: commercial property, homeowners, mobile home and the dwelling/fire lines of business.
ADDITIONAL HEARING INFORMATION
RATE FILING DECISIONS:
Date |
File Log # |
Account |
Total # of Policies |
Earned Premium Amount |
Estimated Rate Established* |
Order/Exhibits |
9/17/2015 |
15-17008 |
Commercial Property Residential Multi-Peril (Ex. Condo Assn.) (CLA) |
1,934 |
$38,221,503 |
3.0% increase |
Order Applies to all Commercial Property filings. |
|
15-17009 |
Commercial Property Residential Multi-Peril (Condo Assn.) (CLA) |
1,417 |
$120,702,655 |
3.0% increase |
|
|
15-17471 |
Commercial Property Non-Residential Multi-Peril (CLA) |
1,675 |
$11,924,208 |
9.1% increase |
|
|
15-18444 |
Commercial Property Residential Wind Only (Ex. Condo Assn.) (CA) |
3,582 |
$27,818,494 |
9.5% increase |
|
|
15-18446 |
Commercial Property Residential Wind Only (Condo Assn.) (CA) |
4,114 |
$88,798,290 |
9.5% increase |
|
|
15-18900 |
Commercial Property Non-Residential Wind Only (CA) |
16,464 |
$87,942,803 |
10.0% increase |
|
9/8/2015 |
15-15843 |
Homeowners Multi-Peril (PLA) |
396,953 |
$750,956,549 |
1.8% increase |
Order Applies to all Personal Property filings. |
|
15-15848 |
Homeowners Multi-Peril Wind Only (CA) |
183,157 |
$394,234,460 |
8.3% increase |
|
|
15-16013 |
Property/Personal (Dwelling Fire) Wind Only (CA) |
24,591 |
$46,095,920 |
9.1% increase |
|
|
15-16016 |
Property/Personal (Dwelling Fire) (PLA) |
236,037 |
$362,433,810 |
1.5% decrease |
|
|
15-16391 |
Mobile Homeowners Multi-Peril Wind Only (CA) |
5,400 |
$5,384,921 |
10.4% increase |
|
|
15-16392 |
Mobile Homeowners Multi-Peril (PLA) |
50,860 |
$51,536,043 |
6.4% decrease |
|
|
15-16470 |
Mobile Homeowners (Dwelling Fire) (PLA) |
59,005 |
$29,301,751 |
6.8% decrease |
|
|
15-16471 |
Mobile Homeowners (Dwelling Fire) Wind Only (CA) |
545 |
$410,714 |
9.9% increase |
|
* This is an estimate of the rate effect on earned premiums determined using selected changes from the in-force policy distributions and the rates in the Order.
Rate filing decisions for the commercial residential and commercial non-residential accounts are still pending.
PROPOSED RATE LEVEL EFFECTS:
The proposed Citizens rate filings listed below can be accessed via the
I-File Forms & Rates Filing Search system by 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, where applicable) |
15-15843 |
1.3% increase |
Homeowners Multi-Peril (PLA) |
HO-3,
HO-4,
HO-6,
Summary |
15-15848 |
9.0% increase |
Homeowners Multi-Peril Wind Only (CA) |
HO-3,
HO-4,
HO-6,
Summary |
15-16013 |
9.5% increase |
Property/Personal (Dwelling Fire) Wind Only (CA) |
Summary (DP3) |
15-16016 |
0.9% decrease |
Property/Personal (Dwelling Fire) (PLA) |
Summary (DP1 & DP3) |
15-16391 |
10.4% increase |
Mobile Homeowners Multi-Peril Wind Only (CA) |
MHO-3,
MHO-4,
Summary |
15-16392 |
5.3% decrease |
Mobile Homeowners Multi-Peril (PLA) |
MHO-3,
MHO-4,
Summary |
15-16470 |
4.1% decrease |
Mobile Homeowners (Dwelling Fire) (PLA) |
Summary |
15-16471 |
9.8% increase |
Mobile Homeowners (Dwelling Fire) Wind Only (CA) |
Summary |
15-17008 |
5.2% increase |
Commercial Property Residential Multi-Peril (Ex. Condo Assn.) (CLA) |
Summary |
15-17009 |
5.0% increase |
Commercial Property Residential Multi-Peril (Condo Assn.) (CLA) |
Summary |
15-17471 |
9.3% increase |
Commercial Property Non-Residential Multi-Peril (CLA) |
Summary |
15-18444 |
10.3% increase |
Commercial Property Residential Wind Only - Ex. Condo Assn. (CA) |
Summary |
15-18446 |
10.4% increase |
Commercial Property Residential Wind Only - Condo Assn. (CA) |
Summary |
15-18900 |
10.0% increase |
Commercial Property Non-Residential Wind Only - (CA) |
Summary |
There are no proposed rate changes for sinkhole coverage and the requested rate increases in the chart above are not uniform. The effective date
of the proposed rate change for all three accounts (Coastal, Commercial Lines and Personal Lines) is February 1, 2016, for new and renewal business.
CONTACT INFORMATION
Communications Office
Main Press Line: (850) 413-2515
Email: press@floir.com