On August 18 Florida’s Insurance Commissioner Michael Yaworsky signed an order questioning portions of Citizens Property Insurance Corp. proposed rates as presented at the June rate hearing. Yaworsky gave Citizens 30 days to revamp its proposed overall 13.3 percent rate increase.
The order, posted on the Florida Office of Insurance Regulation website, directs Citizens to “calculate new, reduced, overall average statewide rate increases for the rate filings” covered by the order.
According to the Order “Citizens’ proposed rates emphasize overall actuarial soundness instead of individual actuarial soundness…increasing rates by a statewide average of 12%in 2023 for all personal lines accounts and for all policyholders, regardless of their indicated rate.”
The order requires Citizens to recalculate rates subject to a modified policy holder capping methodology.
FIRM President Mel Montagne and Vice President Joe Walsh attended the Citizens rate hearing in Tallahassee and were the only attendees to oppose Citizens proposed increases. Each year FIRM attends the rate hearing to oppose rate increases for Monroe County, and in 2017 was successful in obtaining a rate freeze for the county that lasted three years.
Insurance Consumer Advocate Tasha Carter was also present at the hearing to ask questions on behalf of all policyholders.
The Office of Insurance Regulation received over 700 written comments from the public, nearly 300 of those from Monroe County residents!