Liberty Mutual and Federated National insurance companies have asked Florida regulators for double-digit rate increases.
Liberty Mutual Insurance Co. wants to raise rates by a statewide average of 25 percent, and Federated National Insurance Co. is seeking an average 14.9 percent increase to its premiums, according to filings made with the Office of Insurance Regulation.
Both companies submitted requests to collect the higher rates before regulators approve them. The companies would have to return the extra money if the rates are denied.
According to its filing, Boston-based Liberty Mutual’s request is based on the company’s historical premium and loss experience in Florida for a five-year period ending Dec. 31, 2004. The company requested the increases take effect March 13.
Liberty Mutual’s filing applies to two of its companies, Liberty Mutual Fire Insurance Co. and The First Liberty Insurance Corp.
Federated National’s request is based on computer models showing how much the company should charge, according to state records. The insurer is based in Lauderdale Lakes.
Earlier this year, Allstate Floridian Insurance Co. was denied a rate increase.
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