The Florida Office of Insurance Regulation (OIR) has approved changes for all Commercial Lines policies that may result in an increase to the statutory maximum allowable individual rate change cap (“glide path”).

Per Florida law, Citizens’ annual base rates cannot increase by more than 13% for new and renewal policies effective on or after March 1, 2024, excluding:

• Coverage changes
• Mitigation adjustments
• A-rated risks
• Required surcharges and assessments
• A required rapid cash-build-up provision for the Florida Hurricane Catastrophe Fund (FHCF) if applicable.

The Rates and Rating manuals have been updated as needed.

Notes

• This capping factor change is separate from the rate increase announced on October 9.
• As a result of Senate Bill 76, Citizens began increasing the capped glide path on rate increases by 1% annually until the cap reaches 15% in 2026.

Resources

Log in to the Agents website and select Commercial, and:

• Select one of the four policy forms on the page to access the Rating Worksheets via the center menu.
• Select the Rate Changes by Territory charts in the Spotlight section, on the right side of the page.