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