Florida Homeowners Insurance Rate Increases Coming Soon

State insurance regulators approved more than two dozen home insurance rate hikes this summer ranging from 6 to 34 percent.

They ordered a rate decrease of 4 percent for Cotton States Mutual Insurance, which announced it’s leaving Florida last year, and decreases of 6 percent for First Floridian Auto and Home Insurance, Phoenix Insurance, Travelers Indemnity and Travelers Indemnity Co. of America.

American Integrity Insurance Co. of Florida, which has 102,091 home insurance policies statewide and 13,575 in Broward, Palm Beach and Miami-Dade counties, received 14 percent increases for two types of homeowner insurance policies it offers. Security First Insurance, with 119,205 policies statewide and 21,025 in South Florida, received a 9 percent increase for its homeowners multi-peril policies. And Universal Insurance Co. of North America, which has 81,834 policies statewide and 11,420 in South Florida, received a 12 percent increase for its homeowner property insurance policies.

The Office of Insurance Regulation has received 19 rate hike requests that are pending from Florida home insurers since June. Only three companies proposed using a provision from a sweeping property insurance law passed this year that speeds up the rate hike process and the increases range from 5 percent to 7 percent.

The office will hold rate hearings on 12 percent rate hike proposals from Fidelity Fire & Casualty Company and First Protective Insurance Company next week.

The increases approved from June to August 11, 2011 are outlined below.

TYPE OF INSURANCE

INSURANCE COMPANY

% INCREASE APPROVED

Homeowners Multi-Peril

PREPARED INSURANCE

34*

Homeowners Multi-Peril

HARTFORD INSURANCE CO. OF THE MIDWEST

25

Homeowners Multi-Peril

FIDELITY NATIONAL PROPERTY & CASUALTY

21**

Mobile Home

SOUTHERN OAK INSURANCE

19*

Homeowners Multi-Peril

GULFSTREAM PROPERTY AND CASUALTY INSURANCE

15

Homeowners Multi-Peril

HORACE MANN INSURANCE

14

Homeowners Multi-Peril

TEACHERS INSURANCE

14

Homeowners Multi-Peril

AMERICAN INTEGRITY INSURANCE CO. OF FLORIDA

14

Property (Fire)

AMERICAN INTEGRITY INSURANCE CO. OF FLORIDA

14

Homeowners Multi-Peril

FEDERATED NATIONAL INSURANCE

14

Property (Fire)

TEACHERS INSURANCE

14

Homeowners Multi-Peril

ARK ROYAL INSURANCE

13**

Homeowners Multi-Peril

NEW HAMPSHIRE INSURANCE

13

Homeowners Multi-Peril

FIDELITY FIRE & CASUALTY

12

Homeowners Multi-Peril

FIRST PROTECTIVE INSURANCE

12

Property (Fire)

UNIVERSAL INSURANCE CO. OF NORTH AMERICA

12

Mobile Home

FARM BUREAU GENERAL INSURANCE

12

Homeowners Multi-Peril

TOWER HILL PREFERRED INSURANCE

10

Homeowners Multi-Peril

OMEGA INSURANCE

10

Homeowners Multi-Peril

SECURITY FIRST INSURANCE

9

Mobile Home

FOREMOST INSURANCE CO. FLORIDA

9

Mobile Home

FOREMOST PROPERTY AND CASUALTY INSURANCE

7

Homeowners Multi-Peril

ADDISON INSURANCY

7

Homeowners Multi-Peril

UNITED FIRE AND CASUALTY

7

Mobile Home

MODERN USA INSURANCE

7

Homeowners Multi-Peril

GULFSTREAM PROPERTY AND CASUALTY INSURANCE

7**

Mobile Home

AMERICAN TRADITIONSINSURANCE

6

Homeowners Multi-Peril

AMICA MUTUAL INSURANCE

4

*more than what was requested

 

 

**less than what was requested

 

 

Source: Office of Insurance Regulation data

 

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