Nationwide Requests 71 Percent Homeowners Increase in Florida

Nationwide Insurance Company of Florida has filed with the Florida Office of Insurance Regulation for a statewide average increase in homeowner’s insurance rates of 71 percent. The Office of Insurance has 90 days to review the filing. After receiving the filing Insurance Commissioner Kevin McCarty issued the following statement:

“I am extremely concerned about the impact this requested rate hike would be on Floridians’ pocketbooks, particularly those with low incomes or on fixed incomes. Many of our state’s residents have already experienced difficulty paying higher insurance premiums due to the dramatically higher rates charged by global reinsurers. While such coverage is necessary, we unfortunately do not have regulatory authority over what these reinsurers charge.

“As always, I have to balance my concerns about the financial impact of the filing with my official obligation to assure that companies build adequate resources to pay claims should they be hit with catastrophic losses. This office will fully scrutinize this filing and will not approve it if it is not fully justified.”

Source: Florida Office of Insurance Regulation

Topics Florida Legislation Homeowners