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Fla. regulator releases 2017 commercial property rates for Citizens Property Insurance

The Florida Office of Insurance Regulation establishedthe 2017 commercial property rates for Citizens Property Insurance Corp.

Citizens Property Insurance requested a 4.5% increasefor the commercial property residential multiperil commercial lines account,condominium association, and was approved for the same rate increase. Thecompany was also approved for a 5.4% increase for the commercial propertyresidential multiperil commercial lines account, excluding condominiumassociation, having requested the same rate increase.

For the commercial property residential wind-onlycoastal account, excluding condominium association, the company received anestimated established rate increase of 11.2% for the same original raterequested. FLOIR established an 11.9% increase for the commercial propertyresidential wind-only coastal account, condominium association, for whichCitizens Property had requested a 12.0% rate increase. The company also receiveda 9.8% estimated established rate increase for the commercial propertynonresidential wind-only coastal account, for which the same rate increase hadbeen requested.

For the commercial property nonresidential multiperilcommercial lines account, Citizens did not ask for a rate change.

The effective date for both new and renewal rateswithin the commercial lines and coastal accounts is Feb. 1, 2017.