"Florida Insurers Push for Over 50% Premium Increases"

Two private insurance companies in Florida, Castle Key Insurance and Amica Mutual Insurance Company, are seeking approval for average rate increases of over 53% for specific types of policies, such as condo owner and dwelling fire policies. The companies attribute the proposed hikes to severe storm losses, increased rebuilding costs, and inflation. Despite recent property insurance reforms, Florida continues to have the highest home insurance rates in the US. Public hearings will be held to review the rate increase requests.