Not Made Of Money

If you’ve been following this blog for a while, you know that we reside in Florida. I’ve mentioned on several occasions in the past some of the problems regarding homeowner insurance rates in Florida. The insurance relief that many lawmakers had promised looks like it is vanishing in a puff of smoke – and that rates could actually climb higher.

Kevin McCarty, the Florida Insurance Commissioner, has written an opinion piece that was published today in the Bradenton Herald. He addresses what has been happening on the insurance front, including the fact that insurers are asking for rate increases, because:

While the companies did, in fact, receive savings from the Florida Legislature’s initiatives, the companies did not plan to pass this savings to the consumer as the Legislature intended. Instead the savings would be used to purchase additional reinsurance, even purchasing reinsurance from their own subsidiaries, and to shore-up their financial surplus.

In fact there are no less than 8 rate hearings scheduled with companies asking for rate increases. From the Florida Office Of Insurance Regulation web site, here are the upcoming scheduled hearings from insurance providers:

8/14 – Metropolitan Casualty Insurance Company
8/16 – Hartford Insurance Group
8/21 – IDS Property Casualty Insurance Company/Amex Assurance Company
8/21 – Capitol Preferred Insurance Company, Inc
8/23 – American Southern Home Insurance Company
8/30 – Sentry Insurance A Mutual Company
8/30 – Auto-Owners Insurance Company, Owners Insurance Company and Southern-Owners
Insurance Company
9/18 – Cincinnati Casualty Company and Cincinnati Indemnity Company

So it looks as if the saga continues with no real solution in sight.

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