• Florida Office of Insurance Regulation Approves Citizens Property Insurance Homeowners' and Dwelling Fire Rate Increases
  • September 10, 2013
  • Law Firm: Colodny Fass Talenfeld Karlinsky Abate Webb P.A. - Fort Lauderdale Office
  • Following an August 20, 2013 public hearing, the Florida Office of Insurance Regulation ("OIR") issued an Order on September 6 approving increases for Citizens Property Insurance Corporation ("Citizens") homeowners' and dwelling fire rates.

    Homeowners' rates for the coastal and personal lines account combined will increase by an average of 6.3 percent.  Citizens initially requested a 7.9 percent increase.  Minor modifications were made to Citizens' recommended rates as detailed in the Order.

    The effective dates for the new rates on both the homeowners' and dwelling fire accounts are January 1, 2014 for new and renewal policies within the Personal Lines Accounts, and February 1, 2014 for new and renewal policies within the Coastal Accounts.

    The chart below provides the overall statewide average rate changes established by the OIR for each account individually:

    (Incl. Sinkhole and FHCF Cash Buildup Factor Changes)

    Account

    Original Rate Requested

    Estimated Rate Established

    HOMEOWNERS
    #13-13047
    (Coastal Account - Wind Only)

    9.8% increase

    10.5% increase


    HOMEOWNERS
    #13-13048
    (Personal Lines Account)

    7.3% increase

    4.4% increase


    HOMEOWNERS COMBINED
    (Coastal & Personal Lines Accounts)

    7.9% increase

    6.3% increase


    DWELLING FIRE
    #13-13335
    (Coastal Account - Wind Only)

    10.5% increase

    10.5% increase


    DWELLING FIRE
    #13-13336
    (Personal Lines Account)

    9.9% increase

    9.1% increase


    COMMERCIAL LINES NON-RESIDENTIAL PROPERTY
    #13-13467
    (Coastal Account - Wind Only)

    10.0% increase

    10.0% increase


    Rate filings can be accessed via the "I-File Forms & Rate Search" system by searching the file log numbers or by entering "Citizens Property Insurance Corporation" as the company name in either the "Quick Search" or "Advanced Search" options:  ". When the selection appears, scroll to the bottom of the results page for the most recent filing information.