In accordance with House Bill 7073, the Florida Office of Insurance Regulation (OIR) approved an update to Citizens’ Commercial Lines policies that allows for a premium tax discount and/or a Fire Marshal Regulatory discount. These discounts provide policyholders with a property insurance discount where applicable, reducing their total premium amount:

• Both discounts apply to new and renewal business with an effective date between October 1, 2024, and September 30, 2025. They will expire after one policy term.
• The Legislative Premium Tax Discount applies to Commercial Residential Multiperil and Wind-Only (CR-M and CR-W) and Commercial Nonresidential Multiperil and Wind-Only (CNR-M and CNR-W) policies that are residential condominiums written as Commercial Nonresidential due to transient occupancy.
  • Discount is equal to 1.75% of the policy premium
• The Legislative Fire Marshal Discount applies to Commercial Residential Multiperil (CR-M) and Commercial Nonresidential Multiperil (CNR-M) policies for residential condominiums that are written as Commercial Nonresidential due to transient occupancy.
  • Discount is equal to 1% of the policy premium allocated to the peril of fire
  • Does not apply to wind-only policies

Policies are being rerated as of their policy effective date starting October 1, 2024. Any policy that qualifies for the insurance premium discounts will either receive a premium credit or a refund. Citizens will send an updated Declarations page.

Citizens is emailing affected policyholders to notify them of the insurance premium discounts, and a policy note will be added in PolicyCenter®.

Notes:

• These discounts do not apply to Commercial Nonresidential Wind-Only Builders Risk (CNRW-BR) policies.
• Policies covering only auxiliary buildings or auxiliary and special class items for a condominium association do not qualify for the insurance premium discounts.
• Any changes made to the policy and/or the policy premium may affect the discount amounts. Changes that would affect that policy include but are not limited to all coverage changes, reinstatements, and cancellations.
• The Legislative Premium Tax Discount and Legislative Fire Marshal Discount are not applicable for new-business and renewal policies effective October 1, 2025, and later.

PolicyCenter’s Policy Premium screen displays Legislative Premium Tax Discount and Legislative Fire Marshal Discount under the new Mandatory Additional Surcharges & Statutory Discounts section.

Figure 1: PolicyCenter's Mandatory Additional Surcharges & Statutory Discounts section

Resources

Log in to the Agents site and select FAQs from the center menu and then enter +insurance +premium +discounts.