Citizens Reinspection Program Continues to Identify Mitigation Errors
Citizens Property Insurance Corporation recently indicated that as of March 31, 2012, it had completed processing 158,135 reinspections relating to mitigation discounts, with 68% of the reinspections showing a need for premium adjustments. The reinspections include 62% showing a premium increase (i.e., removal of credits) and 6% showing a premium decrease (i.e., additional credits warranted). The gross premium increase is said to be $95.2 million and after expenses the net increase to Citizens is reported as $71.9 million. Citizens processed 16,095 reinspections in March 2012, which brought it to 28% of its 2012 goal. The average dollar amount of the change per policy is $602.21, or 22.3%.