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Home Insurance Companies Seek Rate Increases
June 15, 2011
Seven home insurers have asked for rate increases since a new property insurance law went into effect last month but none are using the provision of the law that allows them to raise rates to recoup higher reinsurance costs, the South Florida Sun-Sentinel reported.
The newspaper cited an online database of rate requests filed with the Office of Insurance Regulation in reporting that the seven companies – with nearly a half million policies statewide – are requesting the insurance. Primary reasons for the rate hikes range from higher sinkhole claims to projected increases in reinsurance costs.
The largest requested increases are from Castle Key Insurance Co. and Castle Key Indemnity Co., subsidiaries of Allstate. The two companies – with more than 260,000 Florida policyholders – are seeking rate requests of 31 percent and 36 percent on average statewide.
Comments
7 Responses to “Home Insurance Companies Seek Rate Increases”
I like to keep an eye on the gauges, lets see how Gov Scott’s management indicators read as time passes, the numbers will tell the story. I hate to sound like a fence sitter, but this guy will do something I feel is a great work and then follow up with a foul ball. cheer him, boo him.
429SCJ said…”Hello Eab, What to do, he was voted in, he can be voted out.”
I said…You got it right,Bro. I don’t think he would win today, although let’s face it, options were limited.
What I hope happens is that when election time comes, I’ll be singing Rick Scott’s praises as the best governor Florida has ever had. Everyone in the state will have *two* good paying jobs and a chicken in every pot. I hope that next time I get a recorded call from Rick (we are up to 2 now) that I am desperately trying to find his number to congratulate him on a job well done.
Right now, I’m just annoyed when I answer the phone and there he is. Fact is, if I was on the fence about Rick, these calls would tip me the other way.
Hello Eab, What to do, he was voted in, he can be voted out.
Y’all just need to settle down. Insurance companies have the same right to our money that investment bankers, politicians and highwaymen do. Besides, this area has been eat up with sinkholes lately. Man’s gotta make a living.
These companies didn’t use the provisions in the latest law. They are saving that one for a few months down the line. When Rickie promised more jobs he meant for insurance executives.
Got a recorded call from Ol’ Rick today. He said that the unemployment rate in Florida has gone down for 5 straight months. Wonder if he knows that they ain’t countin’ those folks who have given up searching for jobs and those whose unemployment benefits have run out?
Why, sure he does. Question is, how many of the people he’s calling know it?
Thank Rick Scott he’s the daddy of this one; also he said he would create jobs but he cuts over a thousand state jobs. The population in Florida should drop because no one will be able to afford to live here anymore.
When I was a kid we called it fire insurance, now I call it vampirism.
I can’t believe this! My rates tripled w/out any claims submitted. What is the average person to do!!