As an agency owner and a person that has been involved in the insurance industry for over 30 years, I am astonished at the number of approved rate increases as well as the percentage of state approved increase.
Since January, the state’s Office of Insurance Regulation has approved 140 rate increases for homeowners insurance! This set of rate increases create an average rate increase of 29 percent!
More Florida property insurers are seeking increases, including the new successor name being used to replace the name Allstate, Castle Key. The newly created Castle Key seeks an average rate hike of 33 percent.
Royal Palm Insurance Co., also a company that only writes policies in Florida, is asking for an average increase of 21.7 percent.
This has been going on for the past 9 months or more at alarming rates. Property owners in FL are getting alarming rate increases on their renewals. That is, if the insurer is willing to renew.
Our agency looks at every renewal and tries to determine if there are better "coverage vs cost" offers or options available. As a property owner, you definitely need to do this at every renewal for any property you own.
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