Liberty Mutual Asks for 22.3 Percent Fla. Rate Increase

Liberty Mutual has asked the Florida Department of Insurance Regulation to approve a 22.3 percent rate increase. If approved, the increase would take effect March 14 for new customers and May 4 for renewals. Liberty Mutual covers 2.4 percent of homeowners in Florida with more than 127,000 customers. It is one of the top-10 top insurance companies in Florida.

According to Glenn Greenberg, a Liberty Mutual spokesman, Liberty Mutual bases its request on losses experienced through June 2004. He said the company planned to ask for a rate increase last fall, but due to the busy hurricane season they never asked.

Twelve requests to raise rates were previously received by DoI from private insurance companies. Companies requesting rate increases are: American Strategic Insurance Corp., Atlantic Mutual Insurance Co., Citizens Property Insurance Corp., Cooperativa De Seguros Multiples De Puerto Rico Inc., Cotton States Mutual Insurance Co., Cypress Property and Casualty Insurance Co., Florida Select Insurance Co., Metropolitan Insurance Co., Safeway Property Insurance Co., Southern Family Insurance Co., State Farm Florida Insurance Co., Teachers Insurance Co., and United Fire Group.

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