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Florida insurance regulator sets 2022 rates for citizens’ property insurance


After reviewing the full history and feedback, the OIR finally set rates for the Coastal Citizens Account (CA), Commercial Lines Account (CLA), and Personal Lines Account (PLA). A statement stated that the effective date of the new prices and renewal is September 01, 2022.

The rates are as follows:

Total Estimated Changes to Statewide Average Prices – PLA and CA

the account

original price required

set price

Homeowners Multi-Peril (PLA & CA) #22-002005

+ 10.7%

+ 6.4%

Homeowners Wind-Only (CA) #22-002027

+ 10.0%

+ 9.8%

Property/Personal (Fire Accommodation) Multi Hazard (PLA & CA) # 22-002262

+ 10.8%

+ 8.4%

Property/Personal (Fire Dwelling) Wind Only (CA) #22-002263

+ 10.4%

+ 10.1%

Mobile Home Owners Multi-Peril (PLA & CA) #22-002505

+ 10.7%

+ 10.6%

Wind Only Mobile Homeowners (CA) # 22-002504

+ 10.6%

+ 10.6%

Mobile Home Owners Multi-Risk Physical Damage (PLA & CA) #22-002899

+ 10.8%

+ 10.7%

Mobile Home Owners Physical Damage Wind Only (CA) #22-002900

+ 10.7%

+ 10.7%

Total Estimated Average Rates Statewide – CLA & CA

the account

original price required

set price

Commercial Residential Real Estate Associations Multi-Peril Condominium (CLA & CA) #22-003394

+ 8.7%

+ 8.7%

Multi-Risk Commercial Residential Real Estate Excluding Condominiums (CLA & CA) #22-003395

+ 10.2%

+ 10.2%

Commercial Non-Residential Multi-Risk Real Estate (CLA & CA) #22-003509

+ 0.7%

0.0%

Commercial Residential Real Estate Wind Only Residential Association (CA) #22-003648

+ 9.9%

+ 9.9%

Wind-only commercial residential property excluding Condominium Associations (CA) #22-003649

+ 10.6%

+ 10.6%

Wind Only Commercial Non-Residential Property (CA) #22-003765

+ 11.0%

+ 11.0%

The OIR-certified rates come as a new report from the Insurance Information Institute (Triple-I) has investigated the problematic Florida homeowners insurance market, which the institute believes is caused by rampant fraudulent roof repair schemes and excessive insurance claims. These issues have forced insurance companies to either charge significantly higher rates or drop policy renewals in the state, forcing many homeowners to switch to citizens, it has been noted.

Read more: Revealed – what’s tearing up the Florida homeowners insurance market?

The report found that the number of policy holders with citizens began to swell dangerously. Triple-I notes that the number of insurance company policies in Florida rose to nearly 900,000 this month.

Read more: State-backed citizens’ property insurance affected by rising number of lawsuits

The growing number of citizen policy holders is beginning to affect the state-backed insurance company. In a report to its Board of Governors Claims Committee, the company said that during the first four months of 2022, 3,881 lawsuits were filed with it. Citizens averaged 970 lawsuits per month for the first four months of 2022 – an 11.5% increase over the average of 870 lawsuits per month for the same period in 2021.

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