Fla. regulators approve Citizens’ 2015 rates

September 08, 2014
Author: Florida Board of Realtors

The Florida Office of Insurance Regulation on Friday approved a slate of 2015 property insurance rates for Citizens Property Insurance Corporation. Overall, the changes reflect an average 2.7 percent decrease for personal residential policyholders across the state.

Single-family homeowners with multiperil insurance (HO-3) coverage will see an average rate drop of 6.1 percent, according to a Citizens Property Insurance Corp. release.

The statewide average homeowners multiperil (HO-3) rate approved for 2015 is $2,383, down from an average of $2,538 in 2014. Citizens, the state's insurer of last resort, is the largest property insurer in Florida and currently has 931,000 personal and commercial policies in force.

Mobile home owners will see a 4.6 percent reduction in multiperil rates, though wind-only coverage will increase by 8.2 percent. Coastal homeowners who receive wind-only coverage from Citizens will see an average increase of 3.8 percent.

Sinkhole rates in Hernando, Hillsborough, Pasco and Pinellas counties will remain the same for 2015. Citizens had requested a 10-percent increase in Hernando County, where rates remain significantly below adequate levels.

Commercial, condominium and coastal properties make up most of the 30 percent of Citizens' customers who will see a rate increase in 2015 – about 36,000 policies – ranging from 0.2 percent to 10 percent.

About seven in 10 Citizens personal lines policyholders will see rate reductions in 2015; 58 percent of customers will receive a reduction greater than 5 percent.

"The bottom line is that today's approval of our recommended rates, with some minor adjustments, reinforces the fact that the property insurance market continues to improve across the board in Florida," says Citizens President, CEO and Executive Director Barry Gilway.