Florida Citizens Property Insurance Rate Hearing August 20 in Tampa for Coastal, Commercial and Personal Lines

 

The Florida Office of Insurance Regulation (“OIR”) will conduct a public hearing on August 20, 2013 in Tampa, Florida, to discuss Citizens Property Insurance Corporation’s (“Citizens”) proposed rate increases for its business in the Coastal Account (formerly known as the High-Risk Account), Commercial Lines Account (“CLA”) and Personal Lines Account (“PLA”).

These accounts include, but are not limited to, commercial property, homeowners, mobile home and dwelling/fire lines of business.

Listed in the chart below are the proposed rate changes that have already been filed by Citizens with the OIR.  These filings can be accessed via the “I-File Forms & Rate Search” system using the file log numbers (provided below) or by entering Citizens as the “company name.”  Scroll down to the bottom of the results page for the most recent filing information.

 

File Log #	Overall Proposed Rate Change	Account
13-12319	8.7% increase	Commercial Lines Residential – Condo Only (Commercial Lines Account)
13-12323	0.0% increase	Commercial Lines Residential – Excluding Condo Association (Commercial Lines Account)
13-12470	9.6% increase	Commercial Lines Non-Residential (Commercial Lines Account)
13-13047	9.8% increase	Homeowners (Coastal Account)
13-13048	7.3% increase	Homeowners (Personal Lines Account)
13-13335	10.5% increase	Dwelling Fire Wind Only (Coastal Account)
13-13336	9.9% increase	Dwelling Fire (Personal Lines Account)
13-13467	10.0% increase	Commercial Lines Non-Residential (Coastal Account)
13-14239	2.2% increase	Mobile Homeowners (Personal Lines Account)
13-14240	9.4% increase	Mobile Homeowners (Coastal Account)
13-14277	11.5% increase	Commercial Lines Residential – Condo Only (Coastal Account)
13-14278	10.3% increase	Commercial Lines Residential – Excluding Condo (Coastal Account)

 

The proposed rate changes also include total increases for sinkhole coverage of 15.6 percent to DP-1 (Dwelling/Fire), 27 percent to DP-3 (Dwelling/Fire), and 25.3 percent to HO-3 (Homeowners).  The requested rate increases are not uniform.  The effective dates of the proposed rate increases are:  Coastal Account–February 1, 2014 for new and renewal business; Commercial Lines Account–January 1, 2014 for new and renewal business; and Personal Lines Account–January 1, 2014 for new and renewal business.

Additional filings on behalf of Citizens will be forthcoming, and evidence regarding such filings may be received at the hearing.

To view the hearing agenda, click here.

The Florida Channel will stream the hearing live online.  A videotaped recording of the hearing will be available on the OIR’s Web site at a later date.

 

Comments will be accepted until August 30 at 5:00 p.m. for all rate filings except for the Commercial Lines Accounts File Log Numbers:  13-12319, 13-12323 and 13-12470. Commercial Lines Accounts rate filing comments need to be received no later than August 20 at 5:00 p.m. for consideration, inasmuch as the OIR is required by law to render a decision on these filings within a few days of the hearing.  

WHEN: August 20, 2013 from 4:00 p.m. to 8:00 p.m.                                                     

WHERE:  Tampa Convention Center (Ballroom D; 333 South Franklin Street; Tampa, FL  33602)

 

Should you have any questions or comments, please contact Colodny Fass& Webb.

 

 

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