Florida Office of Insurance Regulation to Hold September 20, 2012 Public Rate Hearing for Proposed Citizens Property Insurance Corporation Coastal and Personal Lines Account Rate Increases
Sep 5, 2012
The Florida Office of Insurance Regulation (“OIR”) has scheduled a September 20, 2012 public rate hearing to review proposed rate increases for Citizens Property Insurance Corporation’s (“Citizens”) Coastal Account (formerly known as the High-Risk Account) and Personal Lines Account.
The proposed statewide average increases are 11.1 percent for the Coastal Account and 12 percent for the Personal Lines Account.
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.
The hearing will take place from 4:00 p.m. to 8:00 p.m. at the Miami-Dade College Wolfson Campus, Chapman Center, Room 3210, 300 NE 2nd Avenue, Miami, Florida. A live stream of the hearing will be available at The Florida Channel Web site. A Colodny Fass& Webb representative will attend and provide a report on the proceedings.
An OIR media advisory containing details on the proposed increases by account is reprinted below.
Should you have any questions or comments, please contact Colodny Fass& Webb.
-FROM THE FLORIDA OFFICE OF INSURANCE REGULATION-
MEDIA ADVISORY
Wednesday, September 5, 2012
WHO: Citizens Property Insurance Corporation (Citizens)
WHAT: The Florida Office of Insurance Regulation (Office) will conduct a public hearing to discuss Citizens’ proposed rate increases for its business in the Coastal Account, formerly known as the High Risk Account (HRA), and the Personal Lines Account (PLA). These accounts include, but are not limited to, homeowners’, mobile home, and dwelling/fire lines of business. Additional filings on behalf of Citizens for its 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 Personal Lines Account. The sinkhole coverage rate changes range from a decrease of 35.1 percent in Palm Beach (remainder of the county – other than coastal) to an increase of 111.9 percent in Marion County. Key sinkhole counties of Hernando, Hillsborough and Pasco reflect a 50 percent increase.
Listed in the chart below are the proposed rate changes (by file log number) that have already been filed by Citizens with the Office. These filings can be accessed via the I-file database using the following search criteria: file log numbers (provided below) or 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 Rate Change |
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 |
Consumers and other interested parties are welcome to submit comments about these filings by sending an email to: RateHearings@floir.com. Please include “Citizens” in the subject line of your email. For more information about this hearing, visit the “Citizens’ Property Insurance Rate Filing” webpage on the Office website.
WHEN: September 20, 2012
4:00p.m. – 8:00p.m.
WHERE: Miami-Dade College
Wolfson Campus
Chapman Center, Room 3210
300 NE 2nd Ave.
Miami, FL 33132
The Florida Channel will stream the hearing live online. A videotaped recording of the hearing will be available on the Office’s website at a later date.
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