Praetorian Insurance Co. is facing up to a 36 percent rate reduction for Florida homeowners.
Florida Insurance Commissioner Kevin McCarty on Friday announced his intent to disapprove a company proposal for a 2.2 percent decrease.
McCarty said his Office of Insurance Regulation has demonstrated a reduction of 35 percent or 36 percent is required.
The Consumer Federation of America says Praetorian sold more than $430 million in what’s known as forced placement coverage last year in Florida last year as Balboa Insurance Co. and QBE Specialty Insurance Co. The group had advocated for at least a 44 percent reduction.
Forced placement insurance is imposed by lending institutions on the property of borrowers who fail to keep fire insurance in force.
The company can request a hearing on McCarty’s decision.
Topics Florida
Was this article valuable?
Here are more articles you may enjoy.
Meta Loses Insurance for Defense in Major Social Media Addiction Litigation 
Iran’s Grip on Hormuz Is Tighter Than Ever After a Month of War 
Public Adjuster Accused of Swiping $600,000 in Hurricane Ian Insurance Payments 
More Insurance M&A Deals on the Horizon? 
