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Florida home insurance rates on the rise

Posted On Mon, June 27, 2011

The Palm Beach Post reports Florida home insurance rates are on the increase among several major providers.

"This is only the beginning," said state Senator Mike Fasano, in an interview with the paper. "The rates are being approved quicker and easier on behalf of the insurance industry."

Florida is one of several states that has an insurance regulator, which insurers must go through before increasing premiums. The paper reports that the Florida Office of Insurance Regulation says 19 insurers have pending rate increases for homeowners in 2011.

Fasano said he believes the rate hikes are coming more quickly because of a law that was recently passed by the Florida Legislature, allowing insurers to file for rate increases in a more expedited fashion.

Because of the increases, Fasano told the paper, he expects more Florida homeowners will choose not to buy home insurance, despite forecasters expecting a busy year for hurricane activity.

Due to several environmental disasters and a high rate of claims, U.S. insurers lost $7.8 billion in the first quarter of 2011, according to the Insurance Information Institute. 

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