Fla. Sets Hearings on Home Insurers’ Rate Hikes

The Florida Office of Insurance Regulation has scheduled public hearings on rate filings submitted by First Home Insurance Company, Metropolitan Casualty Insurance Company, Southern Fidelity Insurance Company, and First Community Insurance Company.

Hearings for these rate filings will be held at the Capitol Building, in Tallahassee. They will take place in the Cabinet Meeting Room, Lower Level, on August 25, 2006 and on August 31, 2006.

First Home has requested a 73.4 percent statewide average rate increase of its homeowners line of business and a statewide average rate increase of 43.8 percent of its dwelling/fire lines. The public hearing for this filing will take place August 25, 2006, at 10:00 a.m.

Metropolitan has filed for a statewide average increase of 95.7 percent of its homeowners rates in Florida. The public hearing for this rate filing will occur August 25, 2006, at 1:00 p.m.

Southern Fidelity submitted a rate filing for a statewide average increase of homeowners rates in Florida of 57.3 percent, while also requesting a statewide average increase of 40.4 percent for its dwelling/fire line of business. The public hearing for these rate filings is scheduled for August 31, at 10:00 a.m.

First Community filed for a statewide average increase of 64.6 percent for its dwelling/fire insurance lines in Florida as well. The public hearing for this rate filing will take place August 31, at 1:00 p.m.

The requested rates are not uniform and some areas in the state are subject to higher or lower rate changes. Florida Law requires that the Office hold public hearings on rate filings for statewide average increases exceeding 15 percent or for any purpose within the scope of the Insurance Code deemed necessary.

These hearings are open to the public and input from interested parties will be accepted. The hearings will be taped by the Florida Channel and video will be available online at www.floir.com under the Hot Topics portion of the website. Those unable to attend the public hearings are welcome to forward comments to the Office at ratehearings@fldfs.com. The subject line of emails should include the name of the company of interest and the words rate hearings.

Source: Florida Office of Insurance Regulation

Topics Florida Carriers Pricing Trends Homeowners