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Sha'Ron James

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Florida Regulators Approve Rate Increase for Citizens Policyholders


Date: September 19, 2016
Source: Insurance Journal
Author:  Amy O'Connor


The Florida Office of Insurance Regulation approved a 6.4 percent overall rate increase for 2017 for Citizens Property Insurance Corp. homeowners’ multiperil policyholders across the state. According to Citizens, the increase is necessary to address what it calls a disturbing increase in non-weather water loss claims and litigation.

State insurance regulators made adjustments to Citizens 2017 rate request following a public hearing in August, making minor reductions to Citizens loss trends for homeowners multiperil rates while accepting Citizens’ proposal regarding increases in rates for wind-only coverage.

The effective date for both new and renewal rates within the Personal Lines Account (PLA) and Coastal Account (CA) is February 1, 2017. Rate filing decisions for the commercial residential and commercial non-residential accounts are still pending.

The chart below provides the overall estimated statewide average rate changes established by OIR for each line of business individually:


Original Rate Requested

Estimated Rate Established*

Homeowners Multi-Peril (PLA)

6.9% increase

6.4% increase

Homeowners Wind Only (CA)

8.2% increase

8.2% increase

Property/Personal (Dwelling Fire) (PLA)

5.3% increase

5.3% increase

Property/Personal (Dwelling Fire) Wind Only (CA)

9.3% increase

9.3% increase

Mobile Homeowners Multi-Peril (PLA)

5.7% increase

5.7% increase

Mobile Homeowners Wind Only (CA)

10.3% increase

10.3% increase

Mobile Homeowners (Dwelling Fire) Wind Only (CA)

10.5% increase

10.5% increase

Mobile Homeowners (Dwelling Fire) (PLA)

3.2% increase

3.2% increase


In a statement from Citizens, President, CEO and Executive Director Barry Gilway said the 2017 rates reflect the growing challenge of rising water loss claims and the “disturbing increased costs associated with assignment of benefits.”

“Unless the legislature takes action, our policyholders can expect these increases for years to come,” he said.

The statewide average wind-only rate for homeowners will increase by 8.2 percent in 2017. Mobile home owners will see an average 5.7 percent increase in multiperil rates while wind-only mobile home coverage will increase by 10.3 percent.

OIR also requested a review by the Florida Commission on Hurricane Loss Projection Methodology on how wind rating models and stricter building standards impact rates in Monroe County. The move was made in response to testimony from multiple Monroe stakeholders at the Citizens’ rate hearing that expressed concern over the rate increases.

OIR said the review is in addition to a separate initiative underway to evaluate building code standards in Monroe County and their effect on rates. OIR said it will require an additional rate filing by Citizens for its policyholders in Monroe County if the results of either or both of these efforts support such a filing.