Property Insurance Changes

Even though we are about to complete the 3rd year in a row with no hurricane activity, expect property insurance rates to rise in FL. Why? http://www.sun-sentinel.com/business/sfl-insure-rate-hike-100109,0,3973673.story This link is a good example of what is going on with rates. 1) Citizens takes a 10% increase starting Jan. 1, 2010 2) Universal P & C has requested an avg. 10% rate increase. They are the 3rd largest property insurer in the state 3) United P & C has already obtained a 10-15% rate increase 4) St Johns has requested the largest increase of all 5) In all - most companies are going to get increases because the st. of FL CAT fund that provides certain reinsurance for companies has not been adequately funded. That has forced companies to buy addit. reinsurance from Intl. Reinsurers which increases their costs on existing policies by 10-15%.