MetLife Auto and Home Insurance is the latest company in Florida to request permission to raise its rates, citing non-hurricane-related losses and asking to increase policyholder’s premiums by an average of 17 percent statewide. MetLife covers homes under two company names: Metropolitan Property and Casualty Insurance Co. and Metropolitan Casualty Insurance Co.
State regulators must rule on rate increases within 90 days of filing. If approved by the Department of Insurance, new rates will go into effect for new customers Feb. 28 and for renewing customers beginning April 30.
According to the request Metropolitan Property customers will see average annual premiums rise from $1,127.83 to $1,316.80. Metropolitan Casualty customers will see average rates rise from $1,016.91 to $1223.99. Customers in Palm Beach County and the Treasure Coast already average about $1,700 a year.
David Hammarstrom, a MetLife spokesman, said customers in Palm Beach County and the Treasure Coast will see rates rise more modestly, between 11 and 15 percent. He cited sinkholes, fire losses and general losses such as theft as being responsible for the request.
Although MetLife is one of the biggest insurers in the country, its share of the Florida homeowners market is small. MetLife is paying out about $101 million in hurricane-related claims to 9,335 customers.
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