Florida homeowners can expect an 8.3 percent statewide increase in the cost of homeowner’s insurance according to Bob Lotane, spokesman for the Florida Office of Insurance Regulation. He said worst hit areas will have the highest increases with rates rising due to increasing reinsurance and building material costs. In 1993, the Legislature created the Florida Hurricane Catastrophe Fund, and in 2004, increased the fund’s limit from $11 billion to $15 billion. The payout for Hurricanes Charley, Frances, Ivan and Jeanne is $2 billion, with officials estimating more than $20 billion in claims when all of them are settled.
Topics Trends Florida Pricing Trends Homeowners
Was this article valuable?
Here are more articles you may enjoy.
New York Law Confirms Insurer Liability for Bad Faith Includes Third-Party Claims 
US Tracking Cyber Threats Against Nearly 20 Ships Worldwide 
Viewpoint: After 3 Years of Retreat, Insurance Capacity Is Returning to California 
AIG’s Hancock to Retire as Head of General Insurance From This Issue
