Florida Homeowners Brace for Over 50% Insurance Premium Hikes
TL;DR
Two Florida insurance companies, Castle Key Indemnity Company and Amica Mutual Insurance, are seeking rate hikes of over 50% for condo and vacation home owners, citing increased repair costs, severe weather, and higher reinsurance premiums. Allstate, the owner of Castle Key, stated that the rate increase was filed nearly a year ago and has begun rolling out to customers. Industry experts attribute the cost increase to factors such as the Surfside condo collapse, inflation, and higher reinsurance prices. Former State Sen. Jeff Brandes emphasized the need for the legislature to address the rising cost of homeowners insurance in Florida with a long-term strategy.
- 50% rate hike? Customers of these Florida insurance companies could face higher premiums WFLA
- Homeowners to face huge premium jump as insurers seek 50% premium hike Insurance Business
- Florida home prices fall as surging insurance costs scare buyers New York Post
- 2 insurance companies seek premium hikes of more than 50% for Florida homeowners WESH 2 Orlando
- Two Home Insurers Eye Rate Hikes Of More Than 50% In Florida Kiplinger's Personal Finance
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