A handful of insurance companies doing business in Florida, including market leader State Farm, want to raise their average homeowners’ rates by as much as 25 percent.
The requests filed with the Florida Office of Insurance Regulation come less then two months after the last of four hurricanes, Ivan, swept across Florida.
The storms left insurance companies with more than $20 billion in insured losses to cover.
Governor Jeb Bush intends to call a special legislative session next month to address some of the concerns resulting from the storms.
They include giving insurers more access to the state’s catastrophe fund after multiple storms and giving homeowners relief from paying more than one hurricane deductible of up to five percent if their hit more than once in one season.
Topics Florida Pricing Trends
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