Media Advisory: Citizens Property Insurance Corporation (Citizens) Public Rate Hearing

Aug 26 • 109 Views • View Comments

Share Button

Contact Info:
Harvey Bennett                       Amy Bogner
(850) 413-2515                       (850) 413-2515
Harvey.Bennett@floir.com       Amy.Bogner@floir.com

 

Who:               Citizens Property Insurance Corporation (Citizens)

What:              The Florida Office of Insurance Regulation (Office) will conduct a public hearing to discuss 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 the dwelling/fire lines of business.

Listed in the chart below are the proposed rate changes (by file log number) that have been filed by Citizens with the Office. 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).

Furthermore, rate filing summaries by countyfor each of the filings listed below are also available at: http://www.floir.com/Sections/PandC/ProductReview/citizensPublicRateHearing2014.aspx.

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% increase* 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)

 

*This filing was noted incorrectly in the previous Media Advisory issued on August 20, 2014 as an 8.6% decrease. It has been changed to reflect the correct proposed rate change of an +8.6% increase.

The proposed rate changes also include total increases for sinkhole coverage of 0.7% to DP-1 (Dwelling/Fire), 1.5% to DP-3 (Dwelling/Fire), and 2.7% to HO-3 (Homeowners). The requested rate increases are not uniform.

The effective date of the proposed rate change for all three accounts (Coastal, Commercial Lines, and Personal Lines) is February 1, 2015, for new and renewal business.

Any comments or concerns not addressed at the public hearing may be submitted by consumers and other interested parties by sending an email to: ratehearings@floir.com. Please include “Citizens” in the subject line of the email. Under Florida law, written communications to the Office are public record; this would include email addresses. They are subject to public disclosure, including being available to the public and media if requested.

Comments will be accepted for consideration on all rate filings until September 4, 2014, as the Office is required, per statute, to render a decision on these filings within a few days of the hearing.

For more information, visit the “Citizens’ Public Rate Hearing” page on the Office website.

A copy of the agenda, which includes attendees participating on behalf of the Office, Citizens and the Insurance Consumer Advocate’s Office, is available for review.

The Florida Channel will stream the hearing live via its website. A videotaped recording of the hearing will be available on the Office’s website at a later date.

Information for Media Attending the Hearing:

Onsite Media Contact:Harvey Bennett, Office Communications Director

  • Press packets will be available at the registration table.
  • Room access for set-up begins at 9:00a.m.

WHEN:               Wednesday, August 27, 2014 @ 10:00 a.m.

WHERE:        Senator Jim King Committee Room
401 Senate Office Building
The Capitol
Tallahassee, FL 32399

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit www.floir.com or follow us on Twitter @FLOIR_comm and Facebook.

 

###

 

Leave a Comment