Florida Preferred Property Insurance and Old Dominion Insurance have joined the list of insurers asking the Florida Office of Insurance Regulation for permission to increase homeowner and condominium policy rates.
Florida Preferred wants to increase its rates by a statewide average of 13.8 percent for its single-family homeowners policies and an average of 17.2 percent for condominium policies. The company, which is part of the Tampa-based Poe Financial Group, has more than 33,000 homeowners policies in South Florida in Broward and Palm Beach counties.
Old Dominion has asked to increase homeowners rates by an average of 14.2 percent. The company is part of Jacksonville-based Main Street America Group and has a small number of condo and homeowner policies in both counties.
The two companies’ proposed rates vary in South Florida. Florida Preferred wants to raise its single-family home rates by 9.7 percent in Broward, 18.7 percent in Palm Beach and 17.1 percent in Miami-Dade counties. It proposed increases of 12 percent in Broward, 19.4 percent in Palm Beach and 22.2 percent in Miami-Dade for condo policies.
Old Dominion proposed increases of 14.6 percent in Broward and Miami-Dade counties, and 15.1 percent in Palm Beach County, for its single-family home policies.
Old Dominion spokesman Mark Friedlander said the company asked for higher rates because of reinsurance and inflationary costs.
Topics Florida Trends Carriers Pricing Trends Homeowners Numbers
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