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Florida regulator sets 2018 rates for Citizens Property Insurance

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Florida regulator sets 2018 rates for Citizens Property Insurance

The Florida Office of Insurance Regulation set a 6.6% statewide average rate increase for Citizens Property Insurance Corp.'s homeowners' multi-peril insurance for 2018, slightly lower than the 6.7% the state-run insurer requested.

The regulator approved a 0.9% increase for Citizens' homeowners' wind-only policies, lower than the 1.7% the insurer requested. The regulator approved Citizens' request for a 4.8% increase for commercial property residential multiperil for condominium associations. The regulator approved a 4.6% increase for commercial property residential multiperil excluding condo associations, versus the 4.7% increase Citizens requested.

The regulator granted each of Citizens' requests for an 8.1% increase for nonresidential commercial property multiperil rates, a 9.8% increase request for residential commercial property wind-only excluding condo associations and a 9.4% increase for nonresidential commercial property wind-only. The regulator approved a 10.1% increase for commercial residential wind-only for condo associations, compared with the 10.3% increase Citizens asked for.

The rate actions followed a postponement of its rate filing review due to the impact of Hurricane Irma and the office's emergency order to assist consumers recovering from the storm.

The effective date for new and renewal rates is no earlier than May 1, 2018.