Florida Office of Insurance Regulation to Conduct Citizens Property Insurance Public Rate Hearing In Miami Tomorrow, September 20
Sep 19, 2012
The Florida Office of Insurance Regulation (“OIR”) will conduct a public rate hearing tomorrow, September 20, 2012, 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 or HRA) and the Personal Lines Account (“PLA”). These accounts include, but are not limited to Citizens’ homeowners, mobile home and dwelling/fire lines of business.
To view a copy of tomorrow’s agenda, click here.
Additional filings for Citizens’ Commercial Lines Account and for commercial lines of business within its Coastal Account will be forthcoming. Evidence regarding such filings may be received at the hearing.
Citizens’ proposed statewide average rate increases for its homeowners line of business (including sinkhole) are 11.1 percent for the Coastal Account and 12 percent for the PLA. The sinkhole coverage rate changes range from a decrease of 35.1 percent in Palm Beach County (remainder of the county – other than Coastal) to an increase of 111.9 percent in Marion County. Key sinkhole-prone counties of Hernando, Hillsborough and Pasco reflect a 50 percent increase.
The hearing, which is scheduled in Miami from 4:00 p.m. to 8:00 p.m., will be streamed live online on the Florida Channel (www.TheFloridaChannel.org) via Web Channel 9. A Colodny Fass& Webb representative will attend the hearing and provide a complete report.
To access directions to the hearing and other pertinent information, click here.
Proposed Rate Level Effects
The filings listed below can be accessed via the I-file database using the following search criteria: file log numbers (see chart 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 |
Account |
|
11.1% increase |
Homeowners (Coastal Account) |
|
|
12.0% increase |
Homeowners (Personal Lines Account) |
|
|
11.2% increase |
Dwelling Fire Wind Only (Coastal Account) |
|
|
12.2% increase |
Dwelling Fire (Personal Lines Account) |
|
|
3.6% increase |
Mobile Home (Personal Lines Account) |
|
|
10.7% increase |
Mobile Home (Coastal Account) |
|
|
3.7% increase |
Mobile Home Physical Damage (Personal Lines Account) |
|
|
10.6% increase |
Mobile Home Physical Damage (Coastal Account) |
|
|
11.4% increase |
Commercial Lines Residential Other than Condo Assn. |
|
|
11% increase |
Commercial Lines Condo Assn. |
|
|
12-14707 |
10% increase |
Commercial Lines Nonresidential |
Should you have any questions or comments, please contact Colodny Fass& Webb.
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