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Another Insurer Wants To Hike Rates

August 30th, 2007 by flanews

     More than 37,000 Floridians could be hit with a big increase in their homeowner’s or fire insurance policy premiums.  Executives with the Auto Owners Insurance Group, which includes Owners and Southern-Owners appeared at a public hearing before the Office of Insurance Regulation.  They argued why they need to hike their homeowners rates by an average of 38.6 percent statewide.   They also want to hike up dwelling fire business rates by an average of 56 percent.
     “We cannot and do not use profits or losses in other states to set rates in Florida,” said Bill Woodbury, an executive with Auto Owners Insurance.  “And we cannot and do not let our profits from other lines of business subsidize or otherwise affect our homeowners’ program,” he said
     Florida law requires that the Office of Insurance Regulation hold public hearings on rate filings requesting a statewide average increase of 15 percent or higher, or if regulators decide to call a public hearing for other reasons.

Posted in Insurance, Politics, State News | 3 Comments »

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