Florida Office of Insurance Regulation Finalizes 2018 Citizens Property Insurance Rates
Dec 6, 2017
The Florida Office of Insurance Regulation (“OIR”) advised today, December 6, 2018, that it has established the 2018 personal and commercial property insurance rates for Citizens Property Insurance Corporation (“Citizens”). This action comes after a postponement in the rate filing review process due to the impact of Hurricane Irma and the issuance of an Emergency Order by the OIR to assist consumers recovering from this storm. The Emergency Order expired on December 3, 2017.
The OIR has reviewed these filings and considered the comments and testimony received from policyholders and other interested parties, both by email and during a public rate hearing held on August 23, 2017, in Miami, Florida. As a result of this review, the OIR established the rates for Citizens personal and commercial property accounts.
The Orders can be accessed here: Personal Property Order, Commercial Property Order. The effective date for both new and renewal rates is no earlier than May 1, 2018.
The chart below provides the overall estimated statewide average rate changes established by the OIR for each line of business individually:
|
(Includes Florida Hurricane Catastrophe Fund Cash Buildup Factor Changes) |
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|
Account |
Original Rate Requested |
Estimated Rate Established* |
|
Homeowners Multi-Peril (PLA) |
6.7% increase |
6.6% increase |
|
Homeowners Wind Only (CA) |
1.7% increase |
0.9% increase |
|
Property/Personal (Dwelling Fire) (PLA) |
5.2% increase |
5.2% increase |
|
Property/Personal (Dwelling Fire) Wind Only (CA) |
6.3% increase |
4.6% increase |
|
Mobile Homeowners Multi-Peril (PLA) |
3.9% increase |
3.9% increase |
|
Mobile Homeowners Wind Only (CA) |
9.8% increase |
9.8% increase |
|
Mobile Homeowners (Dwelling Fire) (PLA) |
7.1% increase |
7.1% increase |
|
Mobile Homeowners (Dwelling Fire) Wind Only (CA) |
10.0% increase |
10.0% increase |
|
Commercial Property Residential Multi-Peril (Condo Assn.) (CLA) |
4.8% increase |
4.8% increase |
|
Commercial Property Residential Multi-Peril (Ex. Condo Assn.) (CLA) |
4.7% increase |
4.6% increase |
|
Commercial Property Non-Residential Multi-Peril (CLA) #17-18234 |
8.1% increase |
8.1% increase |
|
Commercial Property Residential Wind Only (Condo Assn.) (CA) #17-18869 |
10.3% increase |
10.1% increase |
|
Commercial Property Residential Wind Only (Ex. Condo Assn.) (CA) #17-18870 |
9.8% increase |
9.8% increase |
|
Commercial Property Non-Residential Wind Only (CA) #17-18965 |
9.4% increase |
9.4% 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.
The OIR advised that rate filings can be accessed via its “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.
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