Florida Citizens Property Insurance Statewide Average Commercial Rates to Decrease 3.3 Percent
Sep 19, 2014
The Florida Office of Insurance Regulation (“OIR”) announced today, September 19, 2014 that it has established the 2015 commercial residential and non-residential rates for Citizens Property Insurance Corporation (“Citizens”), Florida’s largest property insurer. Overall, statewide average commercial rates will increase 3.3 percent, compared with the 5.2 percent increase requested by Citizens.
The OIR issued a rate filing decision for Citizens’ homeowners accounts earlier this month, which amounted to a statewide average rate decrease of 3.7 percent.
Today’s Order sets commercial rates for Citizens’ Non-Residential Multi-Peril, Non-Residential Wind Only, Residential Wind Only (excluding Condo Associations), Residential Wind Only (Condo Associations), Residential Multi-Peril (Condo Associations), and Residential Multi-Peril (excluding Condo Associations) accounts. Commercial polices are found in both Citizens’ Commercial Lines and Coastal Accounts and represent 99,009 of Citizens’ 933,807 policies statewide.
The effective date for both new and renewal rates within the Commercial Lines and Coastal Accounts is February 1, 2015. The following chart provides the overall statewide average rate changes established by the OIR for each account individually:
|
(Incl. Sinkhole and FHCF Cash Buildup Factor Changes) |
||
|
Account |
Original Rate Requested |
Estimated Rate Established |
|
COMMERCIAL PROPERTY NON-RESIDENTIAL MULTI-PERIL |
+4.9% increase |
+4.6% increase |
|
COMMERCIAL PROPERTY NON-RESIDENTIAL WIND ONLY #14-14264 28,051 policies |
+10.0% increase |
+10.0% increase |
|
COMMERCIAL PROPERTY RESIDENTIAL – EXCLUDING CONDO ASSN. WIND ONLY (Coastal Account) |
+9.6% increase |
+9.6% increase |
|
COMMERCIAL PROPERTY RESIDENTIAL – CONDO ASSN. WIND ONLY |
+8.9% increase |
+8.9% increase |
|
COMMERCIAL PROPERTY RESIDENTIAL – CONDO ASSN. MULTI-PERIL |
+0.5% increase |
-4.3% decrease |
|
COMMERCIAL PROPERTY RESIDENTIAL – EXCLUDING CONDO ASSN. MULTI-PERIL |
+0.2% increase |
-2.4% decrease |
The OIR reached its decision following a 45-day deliberative process, which included a public hearing conducted on August 27, 2014 in Tallahassee, Florida and feedback provided by interested parties.
Rate filings can be accessed via the “I-File Forms & Rate Filing Search” system using the following search criteria in either the “Quick Search” or “Advanced Search” options: file log numbers or by entering “Citizens Property Insurance Corporation” as the “company name”. When the selection appears, scroll to the bottom of the results page for the most recent filing information.
For more information, visit the Citizens Public Rate Hearing Web page on the OIR’s Web site.
Should you have any questions or comments, please contact Colodny Fass& Webb.
Click here to follow Colodny Fass& Webb on Twitter (@CFTLAWcom)
To unsubscribe from this newsletter, please send an email to Brooke Ellis at bellis@cftlaw.com.