Effective June 1, 2025, the Florida Office of Insurance Regulation (OIR) has approved a Commercial Lines rule change requiring an appraisal indicating Replacement Cost Value (RCV) for Commercial Nonresidential Multiperil (CNR-M) new-business policies. Citizens will also require this for existing CNR-M business when coverage changes, or when a new building is added to the policy.

This rule change will further streamline the CNR-M program, making it consistent with all Commercial Lines programs and assisting in determining the RCV at the time of policy issuance or when coverage changes.

Rule Update

The CNR-M Underwriting Guidelines:

• Rule 106: Submission Procedures - E. Required Documents has been amended as follows to require an appraisal: A current appraisal (not older than 12 months), including photos, for each separately scheduled building to be insured.

Note: Previously, Citizens inspected all risks submitted under this program; however, Citizens may still inspect or survey properties for underwriting reasons.

PolicyCenter® Updates

The Required Documents screen in PolicyCenter now includes Building Valuation as a required document for all new business for CNR-M policies and for existing business when the replacement cost is updated or a new building is added.

Resources

Log in to the Agents website and select Commercial > CNR-M > Manuals to access:

• Updated CNR-M Underwriting Guidelines
• In the Spotlight section on the right side of the page for:
  • The updated Required Document Guide
  • Commercial Lines Valuation Requirements