Florida Office of Insurance Regulation Approves Higher Rates Than Citizens Property Insurance Originally Requested
Sep 23, 2010
Subsequent to a September 7, 2010 public rate hearing, the Florida Office of Insurance Regulation (“OIR”) announced today, September 23, 2010, that it has ordered rate increases for Citizens Property Insurance Corporation (“Citizens”) that, in some cases, are as much as 30 percent higher than those originally requested.
Following are the approved statewide average rate increases included in the OIR’s order:
Personal Lines Account (“PLA”) and High-Risk Account (“HRA”):
Homeowners: 10.3 percent approved (Citizens filed 9.7 percent)
Mobile Home: 9.2 percent approved (Citizens filed 7.4 percent)
Note: For HO-3 policies, wind base rates and sinkhole base rates were approved at a uniform increase of 30 percent by territory.
Mobile Home Physical Damage for PLA and HRA:
Mobile Home: 9.1 percent approved (Citizens filed 6.1 percent)
To view the Order, click here.
The effective date for Citizens’ PLA is January 1, 2011; the effective date for its HRA is February 1, 2011.
Additional requests for Citizens’ Dwelling Fire and Commercial Property lines of business were submitted separately. The OIR is in the process of reviewing those filings and will make a determination in the form of a subsequent Order within the required 45-day period.
Should you have any comments or questions, please contact Colodny Fass.