Florida Homeowners Insurance Rate Increases Coming Soon

State insurance regulators approved more than two dozen home insurance rate hikes this summer ranging from 6 to 34 percent.

They ordered a rate decrease of 4 percent for Cotton States Mutual Insurance, which announced it’s leaving Florida last year, and decreases of 6 percent for First Floridian Auto and Home Insurance, Phoenix Insurance, Travelers Indemnity and Travelers Indemnity Co. of America.

American Integrity Insurance Co. of Florida, which has 102,091 home insurance policies statewide and 13,575 in Broward, Palm Beach and Miami-Dade counties, received 14 percent increases for two types of homeowner insurance policies it offers. Security First Insurance, with 119,205 policies statewide and 21,025 in South Florida, received a 9 percent increase for its homeowners multi-peril policies. And Universal Insurance Co. of North America, which has 81,834 policies statewide and 11,420 in South Florida, received a 12 percent increase for its homeowner property insurance policies.

The Office of Insurance Regulation has received 19 rate hike requests that are pending from Florida home insurers since June. Only three companies proposed using a provision from a sweeping property insurance law passed this year that speeds up the rate hike process and the increases range from 5 percent to 7 percent.

The office will hold rate hearings on 12 percent rate hike proposals from Fidelity Fire & Casualty Company and First Protective Insurance Company next week.

The increases approved from June to August 11, 2011 are outlined below.

TYPE OF INSURANCEINSURANCE COMPANY% INCREASE APPROVED
Homeowners Multi-PerilPREPARED INSURANCE34*
Homeowners Multi-PerilHARTFORD INSURANCE CO. OF THE MIDWEST25
Homeowners Multi-PerilFIDELITY NATIONAL PROPERTY & CASUALTY21**
Mobile HomeSOUTHERN OAK INSURANCE19*
Homeowners Multi-PerilGULFSTREAM PROPERTY AND CASUALTY INSURANCE15
Homeowners Multi-PerilHORACE MANN INSURANCE14
Homeowners Multi-PerilTEACHERS INSURANCE14
Homeowners Multi-PerilAMERICAN INTEGRITY INSURANCE CO. OF FLORIDA14
Property (Fire)AMERICAN INTEGRITY INSURANCE CO. OF FLORIDA14
Homeowners Multi-PerilFEDERATED NATIONAL INSURANCE14
Property (Fire)TEACHERS INSURANCE14
Homeowners Multi-PerilARK ROYAL INSURANCE13**
Homeowners Multi-PerilNEW HAMPSHIRE INSURANCE13
Homeowners Multi-PerilFIDELITY FIRE & CASUALTY12
Homeowners Multi-PerilFIRST PROTECTIVE INSURANCE12
Property (Fire)UNIVERSAL INSURANCE CO. OF NORTH AMERICA12
Mobile HomeFARM BUREAU GENERAL INSURANCE12
Homeowners Multi-PerilTOWER HILL PREFERRED INSURANCE10
Homeowners Multi-PerilOMEGA INSURANCE10
Homeowners Multi-PerilSECURITY FIRST INSURANCE9
Mobile HomeFOREMOST INSURANCE CO. FLORIDA9
Mobile HomeFOREMOST PROPERTY AND CASUALTY INSURANCE7
Homeowners Multi-PerilADDISON INSURANCY7
Homeowners Multi-PerilUNITED FIRE AND CASUALTY7
Mobile HomeMODERN USA INSURANCE7
Homeowners Multi-PerilGULFSTREAM PROPERTY AND CASUALTY INSURANCE7**
Mobile HomeAMERICAN TRADITIONSINSURANCE6
Homeowners Multi-PerilAMICA MUTUAL INSURANCE4
*more than what was requested
**less than what was requested

Source: Office of Insurance Regulation data