OIR Issues 2022 Citizens Property Insurance Rates
Tallahassee - Friday June 24, 2022: The Florida Office of Insurance Regulation (OIR) has established the 2022 personal property and commercial property insurance rates for the Citizens Property Insurance Corporation (Citizens).
Citizens Property Insurance Corporation (Citizens) was established in 2002 by the Florida Legislature as a not-for-profit insurer of last resort. It was created to provide both wind-storm coverage and general property insurance for home-owners who could not obtain insurance elsewhere. Headquartered in Tallahassee, Citizens quickly became the largest insurer in the state.
The charts below provides the overall estimated statewide average rate changes for personal lines accounts, coastal accounts and commercial lines accounts.
OIR held a virtual public rate hearing to receive public comment on March 31 this year. At the hearing, Citizens provided testimony in support of its rate recommendations and received comments from members of the public on the effects of the rate filings. Public comments were accepted for consideration on rate filings until April 14.
Following a review of the complete record, OIR established rates for Citizens’ Coastal Account (CA), Commercial Lines Account (CLA), and Personal Lines Account (PLA). The effective date for new and renewal rates is September 1, 2022.
The Orders are available here.
Rate filings can be accessed via the Insurance Regulatory Filing System (IRFS) using the file log numbers or company name. The most recent filing information will be at the bottom of the results page. Additional information is available on the Citizens public rate hearing webpage.
About the OIR
The Florida Office of Insurance Regulation (OIR) has primary responsibility for regulation, compliance, and enforcement of statutes related to the business of insurance and the monitoring of industry markets.
For more information about OIR, visit: www.floir.com or follow on Twitter @FLOIR_comm.