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2022 Rates and Rules Changes Including 4-Point Required for 20+ Year Buildings

The Florida Office of Insurance Regulation (OIR) has approved updates to Citizens’ rates and rules, which apply to new and renewal policies with effective dates on or after February 1, 2022. The updates are outlined below.

Rate Changes (All Policy Types)

As a result of Senate Bill 76, Citizens will increase the 10% cap (the "glide path") on rate increases by 1% annually beginning in 2022 and until the cap reaches 15% in 2026.

The rate increase varies by line, product type and territory. Individual rate changes exclude coverage changes, mitigation adjustments, rate changes for Sinkhole Loss coverage, assessments and surcharges, and a required rapid cash build-up provision for the Florida Hurricane Catastrophe Fund, if applicable.

To see the Rate Changes by Territory chart, log in to the Agents website, go to the Personal section, click on PR-M or PR-W on the left side of the page, and look for the chart under the Spotlight section on the right side of the page.

Rule Updates

The following rules in the underwriting guidelines manuals have been updated for Personal Residential Multiperil (PR-M) and Personal Residential Wind-Only (PR-W) policies:

Line of Business Eligibility Rule Description of Changes
PR-M Rules 204 and 206

Agents can submit unbound risks that exceed the loss frequency if the policyholder can provide required documentation that the underlying cause of the loss has been remediated. The underwriting manual will provide details about remediation.

Risks eligible for Citizens Homeowners 8 – Modified Coverage Form (HO-8) due to nonweather water-related losses may be submitted bound if all other requirements are met.

Rule 206 Citizens will require a 4-point inspection for properties over 20 years old (formerly 30 years old).
Rules 202 and 112

Dwelling age requirements and Coverage A limits for HO-8 form will not be applicable to the risks above when submitted due to water loss frequency of nonweather water-related losses.

The $60,000 Coverage A limit exception will be removed for owner-occupied dwellings and condominiums.

Note: This change does not apply to tenant-occupied condominiums.

PR-M and PR-W Rule 110 References to the old replacement cost estimator will be renamed Cost of Construction Inflation Index.

Website Changes

Updated underwriting manuals for each line of business are available on the Personal section of the Agents website.

Legal Disclaimer

Citizens provides agent communications online for historical purposes only, and the communications have not been updated to include any changes that may have been made after publication. Agents can find the latest information by reviewing the applicable underwriting manuals, and by logging in and accessing our FAQs, which are available from the top of any page on our website.