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Florida Homeowners Insurance Rate Increases Coming Soon

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.

Source: Office of Insurance Regulation data

Bella T.
Bella T.
I have a great experience with Kyle Wilson for helping me find a better quote with the same insurance company. He is very responsive and attentive to my needs. Highly recommend Kyle!
John G
John G
Great experience with agent James Bonn. He made the entire process simple and the price and value cannot be beat.
Heather W.
Heather W.
Eric was very helpful and so efficient in responding to emails in a timely fashion. Very refreshing!
Faith D.
Faith D.
James is a great agent. He was easy to reach and communicate timely when I have questions regarding insurance. He guided me all the way through the process. Highly recommended!
JRT S.
JRT S.
I am moving to Florida from Ohio where insurances are completely different. Kyle Wilson was more than patient with all of my questions, concerns and different ways we could handle my home and autos during the transition. He is very knowledgeable and easy to work with. From my very positive experience I can recommend speaking to Kyle for your insurance needs.
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