Florida Issues Citizens’ 2016 Commercial Lines Rate Order

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The Florida Office of Insurance Regulation has issued an Order establishing the 2016 commercial lines rates for Citizens Property Insurance Corporation (Citizens). The overall estimated statewide average rate changes are shown in the chart below. The effective date for both new and renewal rates within the Commercial Lines and Coastal Accounts is February 1, 2016.

(Incl. FHCF Cash Buildup Factor Changes)
Account	Original Rate Requested	Estimated Rate Established*
Commercial Property Residential Multi-Peril (Ex. Condo Assn.) Commercial Lines Account #15-17008	5.2% increase	3.0% increase
Commercial Property Residential Multi-Peril (Condo Assn.) Commercial Lines Account #15-17009	5.0% increase	3.0% increase
Commercial Property Non-Residential Multi-Peril Commercial Lines Account #15-17471	9.3% increase	9.1% increase
Commercial Property Residential Wind Only (Ex. Condo Assn.) Coastal Account #15-18444	10.3% increase	9.5% increase
Commercial Property Residential Wind Only (Condo Assn.) Coastal Account #15-18446	10.4% increase	9.5% increase
Commercial Property Non-Residential Wind Only Coastal Account #15-18900	10.0% increase	10.0% 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.

See full order below.

Topics Florida Commercial Lines Business Insurance Property

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