Florida Citizens Property Insurance Statewide Average Homeowners Rate to Decrease 3.7 Percent

 

The Florida Office of Insurance Regulation (“OIR”) has established the 2015 rates for Citizens Property Insurance Corporation (“Citizens”), the State-run property insurer.  Pursuant to the OIR Order issued today, September 5, 2014, the statewide average homeowners rate will decrease 3.7 percent compared with the 3.4 percent overall decrease originally requested by Citizens. 

The Order, which can be viewed by clicking here, sets rates for Citizens Homeowners, Dwelling Fire, Mobile Homeowners and Mobile Homeowners Physical Damage policies.

The effective date for both new and renewal rates within Citizens’ Personal Lines Account and Coastal Account 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 Florida Hurricane Catastrophe Fund Cash Buildup Factor Changes)
Account	Original Rate Requested	Estimated Rate Established
HOMEOWNERS MULTI-PERIL #14-13202 (Personal Lines Account)	-5.8% decrease	-6.1% decrease
HOMEOWNERS MULTI-PERIL  #14-13203 (Coastal Account – Wind Only)	+3.8% increase	+3.8% increase
HOMEOWNERS COMBINED #14-13202 & #14-13203 (Personal Lines and Coastal Accounts)	-3.4% decrease	-3.7% decrease
PROPERTY/PERSONAL DWELLING FIRE #14-13383 (Personal Lines Account)	-4.5% decrease	-4.7% decrease
PROPERTY/PERSONAL DWELLING FIRE #14-13384 (Coastal Account – Wind Only)	+6.8% increase	+6.6% increase
MOBILE HOMEOWNERS #14-13667 (Coastal Account – Wind Only)	+8.2% increase	+8.2% increase
MOBILE HOMEOWNERS MULTI-PERIL #14-13668 (Persona Lines Account)	-4.3% decrease	-4.6% decrease
MOBILE HOMEOWNERS PHYSICAL DAMAGE ONLY (DWELLING FIRE) MULTI-PERIL #14-13749 (Personal Lines Account)	-4.3% decrease	-4.8% decrease
MOBILE HOMEOWNERS PHYSICAL DAMAGE ONLY (DWELLING FIRE) #14-13751 (Coastal Account – Wind Only)	+8.6% increase	+8.6% increase

 

According to the OIR, it reached its decision following a 45-day deliberative process, which included a public hearing conducted on August 27, 2014 in Tallahassee, Florida.  Feedback was provided by interested parties.  

Rate filing decisions for Citizens’ commercial residential and commercial non-residential accounts are still pending.  They can be accessed via the “I-File Forms & Rate 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. 

 

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