Florida regulators have approved a first round of rate changes for the state-backed property insurer that include an 8.3 percent increase in condominium association multiperil policies.
Citizens Property Insurance Corp. was also granted an 8.6 percent increase in rates for commercial non-residential policies and a one percent increase for terrorism coverage.
Citizens has about 30,000-condominium association policyholders who pay $157 million in premiums.
All other Citizens commercial lines residential policies –other than condominium associations—will see no change in their rates other than a Catastrophe Fund cash build-up factor of 9.9 percent.
Citizens had initially filed for an 8.7 percent rate increase on commercial lines residential policies to cover condominium associations. However, after reviewing the filing, the Florida Office of Insurance Regulation (OIR) reduced that figure to 8.3 percent.
Citizens initially filed for a 10 percent overall increase for commercial non-residential policies. Citizens has 2,600 commercial non-residential policies, representing $9.2 million in premiums.
The commercial rate decisions come as Citizens awaits a regulatory ruling on its proposed 6.6 percent increase in homeowners rates and 24.8 percent increase for its optional sinkhole coverage.
OIR’s Amy Bogner said that regulators are expected to make a decision on those filings by the end of this week.