INSURANCE BLOG

Florida Home Insurance is just too Much

Florida Homeowners have been unfairly hit with huge insurance rate increases and it is time for this to stop. Finally, Florida homeowners really will see their property insurance rates come down as a result of laws passed last January, a key state regulator assured the Senate Committee on Banking and Insurance in Tallahassee on Tuesday.

Just when some homeowners will see those reductions does remain an uncertainty. “The vast majority of insurance companies have already dropped their rates,” says deputy insurance commissioner Belinda Miller- “and a few companies that haven’t we are litigating against.”

But by the state’s own determination it stands as more than a few. Just last week, 31 insurance companies representing nearly a third of the Florida market, or about 1.3-million policyholders, have asked for a rate hike. Those rate increases have been denied, and the companies, which include Allstate and USAA, are in various stages of appealing the decisions.

Only 32 insurers - mostly smaller companies representing about 17 percent of the market - have cut their rates. But the savings are substantial, an average of about 22 percent.  Also another 24 companies that represent about 46 percent of the market have requests that are pending. Regulators said most of those requests are for lower rates and are likely to be approved by the end of February.  So now is the time to get a free homeowners insurance quote and lower those high insurance rates.

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