Florida’s Citizens Property Insurance Corporation’s Consumer Services Committee Reviews Proposed Mobile Home Valuation Method Changes

During its meeting yesterday, June 15, 2017, Florida’s Citizens Property Insurance Corporation’s (“Citizens”) Consumer Services Committee reviewed proposed changes to the method by which it values personal lines coverage for mobile homes.  

Citizens explained that, in 2011, it began using a new valuation tool for mobile homes in an effort to provide more consistency with its other personal lines programs.  From 2012 to 2014, all mobile homes insured by Citizens were re-evaluated with this tool, which resulted in significant reductions in coverage.

Since that time, agents and consumers have provided feedback that mobile homes have been undervalued as a result.  Additional research has shown the new tool produces values lower than other tools used in the private market.  In 2015, Citizens began accepting alternative valuation methods.

The Committee also heard an update yesterday on Citizens’ Catastrophe Response Center plans for the 2017 Hurricane Season.  Most recently, Citizens held a mock Catastrophe Response event and completed several recruitments and volunteer trainings.

The materials from yesterday’s meeting are provided via hyperlink below:

• CSC Agenda
• DRAFT CSC Minutes 03.23.17
• CSC 2017 Mobile Homes Changes – Personal Lines Exec Summary
• CRC Presentation

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