Florida Office of Insurance Regulation To Hold Citizens Property Insurance Rate Hearing on August 27, 2014
Aug 21, 2014
On Wednesday, August 27, 2014 at 10:00 a.m., the Florida Office of Insurance Regulation (“OIR”) will conduct a public hearing to discuss Florida’s Citizens Property Insurance Corporation’s (“Citizens”) proposed rate changes for its business in the multi-peril and wind-only Coastal Account (“CA”), Commercial Lines Account (“CLA”), and the Personal Lines Account (“PLA”). These accounts include, but are not limited to commercial property, homeowners, mobile home and Citizens’ dwelling/fire lines of business.
To view the agenda, which includes attendees participating on behalf of the OIR, Citizens and the Florida Insurance Consumer Advocate’s Office, click here.
The Florida Channel will stream the hearing live via its Web site, www.TheFloridaChannel.org. A videotaped recording of the hearing will be available on the OIR’s Web site at a later date.
Listed in the chart below are the proposed rate changes (by file log number) that have been filed by Citizens with the OIR. These filings can be accessed via the “I-File Forms & Rate Search” system using the following search criteria: file log numbers (provided below) or by entering Citizens as the “company name” (and scrolling down to the bottom of the results page for the most recent filing information).
|
File Log # |
Overall Proposed Rate Change |
Account |
|
14-13202 |
-5.8% decrease |
Homeowners Multi-Peril (PLA) |
|
14-13203 |
+3.8% increase |
Homeowners Multi-Peril Wind Only (CA) |
|
14-13383 |
-4.5% decrease |
Property/Personal (Dwelling Fire) (PLA) |
|
14-13384 |
+6.8% increase |
Property/Personal (Dwelling Fire) Wind Only (CA) |
|
14-13667 |
+8.2% increase |
Mobile Homeowners Multi-Peril Wind Only (CA) |
|
14-13668 |
-4.3% decrease |
Mobile Homeowners Multi-Peril (PLA) |
|
14-13749 |
-4.3% decrease |
Mobile Homeowners Physical Damage Only (Dwelling) Multi-Peril (PLA) |
|
14-13751 |
-8.6% decrease |
Mobile Homeowners Physical Damage Only (Dwelling) Wind Only (CA) |
|
14-14056 |
+4.9% increase |
Commercial Property Non-Residential Multi-Peril (CLA) |
|
14-14264 |
+10.0% increase |
Commercial Property Non-Residential Wind Only (CA) |
|
14-14425 |
+9.6% increase |
Commercial Property Residential – Excluding Condo Assn. Wind Only (CA) |
|
14-14426 |
+8.9% increase |
Commercial Property Residential – Condo Assn. Wind Only (CA) |
|
14-15064 |
+0.5% increase |
Property Commercial Residential – Condo Assn. Multi-Peril (CLA) |
|
14-15157 |
+0.2% increase |
Property Commercial Residential – Excluding Condo Assn. Multi-Peril (CLA) |
The proposed rate changes also include total increases for sinkhole coverage of 0.7 percent to DP-1 (Dwelling/Fire), 1.5 percent to DP-3 (Dwelling/Fire), and 2.7 percent to HO-3 (Homeowners). The requested rate increases are not uniform.
The effective date of the proposed rate change for all three accounts (CA, CLA and PLA) is February 1, 2015 for new and renewal business.
Comments will be accepted for consideration on all rate filings until September 4, 2014, inasmuch as the OIR is required by law to render a decision on these filings within a few days of the hearing.
For more information, click here to visit the “Citizens’ Public Rate Hearing“ page on the OIR Web site
The hearing will be held at:
Senator Jim King Committee Room
401 Senate Office Building
The Capitol
Tallahassee, FL 32399
Should you have any questions or comments, please contact Colodny Fass& Webb.
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