jump to main menu jump to subject menu jump to content jump to footer

Citizens Property Insurance Corporation (Citizens) Rate Hearing

The Florida Office of Insurance Regulation (Office) conducted a public hearing on Thursday, August 18, 2016 at the Senator Jim King Committee Room, 401 Senate Office Building, 404 South Monroe Street, 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 include, but are not limited to: Commercial Property, Homeowners, Mobile Homeowners and the Dwelling Fire lines of business. Additional filings on behalf of Citizens will be forthcoming.

ADDITIONAL HEARING INFORMATION


Senator Jim King Committee Room
401 Senate Office Building
404 South Monroe Street
Tallahassee, FL 32399
Capitol Center Visitor Parking (Garage E), Driving Directions

RATE FILING DECISIONS:


Date File Log # Account
Total #
of Policies
Earned
Premium
Amount
Estimated
Rate
Established*
Order/Exhibits

9/30/2016

16-18917

Commercial Property Residential Multi-Peril (Condo Assn.) (CLA)

1,128

$46,169,060

4.5%
increase

Order
Applies to all Commercial Property filings.

 

16-18920

Commercial Property Residential Multi-Peril (Ex. Condo Assn.) (CLA)

1,143

$26,584,687

5.4%
increase

 
 

16-19213

Commercial Property Non-Residential Multi-Peril (CLA)

1,460

$10,592,279

0.0%

 
 

16-19498

Commercial Property Residential Wind Only (Ex. Condo Assn.) (CA)

2,767

$22,177,985

11.2%
increase

 
 

16-19500

Commercial Property Residential Wind Only (Condo Assn.) (CA)

3,099

$63,424,724

11.9%
increase

 
 

16-19522

Commercial Property Non-Residential Wind Only (CA)

13,103

$84,144,009

9.8%%
increase

 

9/14/2016

16-16024

Homeowners Multi-Peril (PLA)

254,985

$482,131,192

6.4%
increase

Order
Applies to all Personal Property filings.

 

16-16025

Homeowners Wind Only (CA)

132,888

$271,605,868

8.2%
increase

 
 

16-16575

Property/Personal (Dwelling Fire) (PLA)

153,078

$218,723,734

5.3%
increase

 
 

16-16576

Property/Personal (Dwelling Fire) Wind Only (CA)

22,168

$47,619,564

9.3%
increase

 
 

16-16785

Mobile Homeowners Multi-Peril (PLA)

23,362

$19,433,734

5.7%
increase

 
 

16-16788

Mobile Homeowners Wind Only (CA)

5,045

$3,834,828

10.3%
increase

 
 

16-16866

Mobile Homeowners (Dwelling Fire) Wind Only (CA)

497

$381,029

10.5%
increase

 
 

16-16867

Mobile Homeowners (Dwelling Fire) (PLA)

39,770

$16,433,676

3.2%
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.

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
Propsed Rate Filing
Exhibits
(by county, where
applicable)

16-16024

6.9%
increase

Homeowners Multi-Peril (PLA)

HO-3, HO-4, HO-6, Summary

16-16025

8.2%
increase

Homeowners Multi-Peril Wind Only (CA)

HO-3, HO-4, HO-6, Summary

16-16575

5.3%
increase

Property/Personal (Dwelling Fire) (PLA))

DP-1, DP-3, Summary

16-16576

9.3%
increase

Property/Personal (Dwelling Fire) Wind Only (CA)

DP-3, Summary

16-16785

5.7%
increase

Mobile Homeowners Multi-Peril (PLA)

MHO-3, MHO-4, Summary

16-16788

10.3%
increase

Mobile Homeowners Multi-Peril Wind Only (CA)

MHO-3, MHO-4, Summary

16-16866

10.5%
increase

Mobile Homeowners (Dwelling Fire) Wind Only (CA)

MHO-Dwelling, Summary

16-16867

3.2%
increase

Mobile Homeowners (Dwelling Fire) (PLA)

MHO-Dwelling, Summary

16-18917

4.5%
increase

Commercial Property Residential Multi-Peril (Condo Assn.)(CLA)

Summary

16-18920

5.4%
increase

Commercial Property Residential Multi-Peril (Ex. Condo Assn.) (CLA)

Summary

16-19213

0.0%

Commercial Property Non-Residential Multi-Peril (CLA)

Summary

16-19498

11.2%
Increase

Commercial Property Residential Wind Only (Ex. Condo Assn.) (CA)

Summary

16-19500

12.0%
Increase

Commercial Property Residential Wind Only (Condo Assn.) (CA)

Summary

16-19522

9.8%
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, 2017, for new and renewal business.

PUBLIC COMMENTS/TESTIMONY


Public comments about Citizens proposed rate filings were accepted through September 1, 2016.


Under Florida law, written communications to the Office are public record and subject to disclosure, including being available to the public and media. To learn more, visit the Office of Insurance Regulation’s Internet Privacy Policy.

CONTACT INFORMATION


Communications Office
Main Press Line: (850) 413-2515
Email: press@floir.com