Florida Rejects Travelers' Homeowners Insurance Rate Increase
A proposed 4.6 percent average statewide increase for homeowners insurance by The Travelers Companies Inc., was rejected last week by Florida's insurance commissioner.
Kevin McCarty notified Travelers that its request was denied because the filing was not actuarially justified and lacked supporting information.
The Office of Insurance Regulation's review showed that Travelers' rates should decrease by a statewide average of more than 11 percent.
Messages left with Travelers of Florida officials for comment on the denial were not immediately returned.
Earlier this year, Travelers' decreased rates by a statewide average of 8.3 percent in response to legislation passed in a January special session when lawmakers provided less expensive reinsurance by expanding the Florida Hurricane Catastrophe Fund.
The Travelers companies insure approximately 75,000 Florida residences and collect $132 million in annual premium.
The four Travelers companies included in the filing are Travelers Indemnity Co., First Floridian Auto and Home Insurance Co., Travelers Indemnity Co. of America, and Phoenix Insurance Co.
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