Public Hearing on Citizens Rate Filings Today
The Florida Office of Insurance Regulation holds a public hearing today to discuss and receive input on Citizens Property Insurance Corporation’s proposed rate changs for its Coastal Account and Personal Lines Account (PLA). 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%.