Rate hikes approved for Citizens commercial policies
State regulators said Friday they have approved a series of rate increases for Citizens Property Insurance commercial-lines customers, including condominium associations.
The Office of Insurance Regulation approved an average 4.5 percent increase for multi-peril commercial lines that include condominium associations.
Regulators slightly trimmed Citizens' requested increase for wind-only coastal accounts that include condominiums, approving an 11.9 percent increase instead of the requested 12 percent, according to the order.
Commercial lines made up a small part of the 491,695 policies held by Citizens as of Aug. 31.
As with rates for homeowners that were approved two weeks ago, the commercial-lines changes go into effect Feb. 1, with details varying based on factors such as the amount of coverage, the type of policy and the location of the property.
Insurance Commissioner David Altmaier recently approved an average 6.4 percent increase on homeowners' multi-peril accounts, down from a requested 6.8 percent.
News Service of Florida