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 INSURANCE INSURANCE COMPANY % INCREASE APPROVED
Homeowners Multi-Peril PREPARED INSURANCE 34*
Homeowners Multi-Peril HARTFORD INSURANCE CO. OF THE MIDWEST 25
Homeowners Multi-Peril FIDELITY NATIONAL PROPERTY & CASUALTY 21**
Mobile Home SOUTHERN OAK INSURANCE 19*
Homeowners Multi-Peril GULFSTREAM PROPERTY AND CASUALTY INSURANCE 15
Homeowners Multi-Peril HORACE MANN INSURANCE 14
Homeowners Multi-Peril TEACHERS INSURANCE 14
Homeowners Multi-Peril AMERICAN INTEGRITY INSURANCE CO. OF FLORIDA 14
Property (Fire) AMERICAN INTEGRITY INSURANCE CO. OF FLORIDA 14
Homeowners Multi-Peril FEDERATED NATIONAL INSURANCE 14
Property (Fire) TEACHERS INSURANCE 14
Homeowners Multi-Peril ARK ROYAL INSURANCE 13**
Homeowners Multi-Peril NEW HAMPSHIRE INSURANCE 13
Homeowners Multi-Peril FIDELITY FIRE & CASUALTY 12
Homeowners Multi-Peril FIRST PROTECTIVE INSURANCE 12
Property (Fire) UNIVERSAL INSURANCE CO. OF NORTH AMERICA 12
Mobile Home FARM BUREAU GENERAL INSURANCE 12
Homeowners Multi-Peril TOWER HILL PREFERRED INSURANCE 10
Homeowners Multi-Peril OMEGA INSURANCE 10
Homeowners Multi-Peril SECURITY FIRST INSURANCE 9
Mobile Home FOREMOST INSURANCE CO. FLORIDA 9
Mobile Home FOREMOST PROPERTY AND CASUALTY INSURANCE 7
Homeowners Multi-Peril ADDISON INSURANCY 7
Homeowners Multi-Peril UNITED FIRE AND CASUALTY 7
Mobile Home MODERN USA INSURANCE 7
Homeowners Multi-Peril GULFSTREAM PROPERTY AND CASUALTY INSURANCE 7**
Mobile Home AMERICAN TRADITIONSINSURANCE 6
Homeowners Multi-Peril AMICA MUTUAL INSURANCE 4
*more than what was requested
**less than what was requested

Source: Office of Insurance Regulation data