The Florida Office of Insurance Regulation has denied Cincinnati Insurance Company’s request for a homeowners insurance increase of nearly 40 percent.
In a statement issued last Friday, Florida Insurance Commissioner Kevin McCarty said the company failed to justify the increase.
The decision was influenced by a June 22 hearing in Sarasota, Fla., during which more than 100 homeowners spoke out in opposition to Cincinnati Insurance’s request. The company has more than 5,500 policyholders in Florida, many of whom reside in Sarasota.
Next Cincinnati Insurance could request an administrative hearing, arbitration, or modify its filing.
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