Florida officials will hold a hearing today on a proposed statewide average home insurance rate hike of 39.3 rate increase for First Home Insurance Co., a Florida domiciled insurance company based in Maitland, Florida.
First Home’s statewide average rate level increase is 39.3 percent; however, that rate could vary by area.
The company was established in May of 2005 by Glencoe Capital and began operations with the assumption of 24,880 policies from Citizens Property Insurance Corp., Florida’s state-run insurer. The company completed two additional takeouts in June 2005 and August 2005, taking on an additional 5,000 homeowners and dwelling fire policies. In October 2007, after acquiring additional capital, First Home began writing new business in Florida.
The Office of Insurance Regulation has scheduled the hearing for 1 p.m. in the Larson Building in Tallahassee.