OIR to Hold Hearing on Citizens Rates
The Florida Office of Insurance Regulation will hold a public hearing September 20 to discuss and receive input on Citizens Property Insurance Corporation’s proposed rate changs for its Coastal Account and Personal Lines Account (PLA). These accounts include policies for personal residential insurance policies such as homeowners and mobile home owners’ policies.
The proposed statewide average rate increase for homeowners’ policies, including sinkhole coverage, are 11.1 percent for the Coastal Account and 12 percent for the Personal Lines Account. Sinkhole prone counties such as Hernando, Hillsborough and Pasco are showing proposed increases of 50 percent. The proposed mobile home owners’ rate changes generally are less, on a statewide average basis, than the homeowners rate changes. Mobile home changes in the Personal Lines Account are less than 4% on average, while the mobile home changes in the Coastal Account are slightly over 10%.