The Florida Office of Insurance Regulation held hearings Tuesday on major rate increases from three more property insurers: Florida Farm Bureau, First Floridian, and Kin Interinsurance Network.
The Kin and First Floridian hearings began Tuesday morning but the Farm Bureau hearing was set for 2:30 p.m. Eastern. All are accessible on the GoToMeeting virtual meeting platform and all are being recorded, the OIR said. Registration is available here.
The hearings also are broadcast on The Florida Channel.
Public comments on the proposed rate changes can be submitted through May 31, by emailing firstname.lastname@example.org.
If the rate increases are approved, they would be three of several significant increases requested in the last two years as property insurers try to manage the dire conditions in the Florida market. Florida Farm Bureau announced early this year that it has stopped writing new homeowners and rental property policies in the state. In March, AM Best rating firm downgraded Farm Bureau’s financial strength rating to “B++ (good).”
Florida Farm Bureau General Insurance Co. and Florida Farm Bureau Casualty Insurance Co. have requested a 48.7% increase in homeowners multi-peril rates and a 31.7% increase in dwelling fire rates.
First Floridian is asking for a 22.9% increase in homeowners multi-peril rates, needed to cover loss costs, including “dubious roof claims,” an insurance company representative said at the hearing today.
Kin is seeking a 25.1% increase for homeowners multi-peril.
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