Florida Office of Insurance Regulation Issues Order Establishing Citizens Commercial Property Rates
Sep 30, 2016
The Florida Office of Insurance Regulation (“OIR”) advised today, September 30, 2016, that it has issued an Order establishing the 2017 commercial property rates for Citizens Property Insurance Corporation (“Citizens”). The effective date for both new and renewal rates within the Commercial Lines and Coastal Accounts is February 1, 2017.
The overall estimated statewide average rate changes are shown in the chart below.
|
(Including Florida Hurricane Catastrophe Fund Cash Buildup Factor Changes) |
||
|
Account |
Original Rate Requested |
Estimated Rate Established** |
|
Commercial Property Residential Multi-Peril (Condo Assn.) Commercial Lines Account #16-18917 |
4.5% increase |
4.5% increase |
|
Commercial Property Residential Multi-Peril (Ex. Condo Assn.) Commercial Lines Account |
5.4% increase |
5.4% increase |
|
Commercial Property Non-Residential Multi-Peril Commercial Lines Account |
0.0% |
0.0% |
|
Commercial Property Residential Wind Only (Ex. Condo Assn.) |
11.2% increase |
11.2% increase |
|
Commercial Property Residential Wind Only (Condo Assn.) Coastal Account #16-19500 |
12.0% increase |
11.9% increase |
|
Commercial Property Non-Residential Wind Only Coastal Account #16-19522 |
9.8% increase |
9.8% 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.
(Rate filings can be accessed via the “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.)
For additional information, OIR has established a Citizens Public Rate Hearing Web page here.
Should you have any questions or comments, please contact Colodny Fass.
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