Florida-based Foremost Insurance Group of companies filed a 72.9 percent increase on mobile homeowners’ insurance rates, according to the Florida Office of Insurance Regulation.
The group’s companies, including American Federation Insurance Co., Foremost Property and Casualty Insurance Co., Foremost Insurance Co. and Foremost Signature Insurance Co. have over 20,000 mobile homeowners’ policies in Florida’s Polk County, constituting 68 percent of the market, the OIR reported.
The companies requested average statewide rate increases of 72.9 percent, 14.4 percent, 22.9 percent and 31.5 percent, respectively. The requested rate increases are not uniform and some areas are subject to higher rate increases.
Florida law allows the OIR to hold a public hearing for any purpose within the scope of the insurance code deemed necessary. The state regulator will conduct a public hearing on the group’s proposed rate increases on March 6 at 1:30 p.m. in Lakeland, Fla.
Source: Florida Office of Insurance Regulation