Today the Florida Office of Insurance Regulation announced its intention to deny a homeowners insurance rate hike to Nationwide Insurance Company of Florida who had petitioned for a 72% increase in insurance rates for homeowners. 

Commissioner Kevin McCarty had asked Nationwide to cap its hike, but Nationwide refused to do so.

I previously wrote about the homeowners insurance difficulties in Florida.  This just goes to show an example of the types of increases we are battling, and though this proposal of 72% was turned down, it is just a matter of time until a “more reasonable increase” will be approved.