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The Ups and Downs of Property Insurance Rates

October 1st, 2007 by Mike Vasilinda

By the end of business today, some 300 insurance companies doing business in Florida are required by law to show how much consumers will save because the state is taking on more of the risk of hurricanes. But as Mike Vasilinda tells us, mot companies are waiting until the 11th hour…while some big ones are asking for more…not less.

Hear it Here: The Ups and Downs of Insurance Rates

Only half of the Insurance companies doing business in Florida had complied with a new rate filing law by the beginning of business Monday. Insurers are supposed to pass savings on to consumers from the states assumption of 15 billion in risk. Edward Domansky of the Office of Insurance Regulation says so far, the results are mixed.

Weve seen some increases. Weve seen some decreases, and weve some who are at zero based on their original filing from March. says the spokesman for OIR.

The biggest surprise to date is Allstates request for an average 42 percent hike with another 28 percent hike for a subsidiary. The filings come at the same time the state has issued subpoenas to companies, trying to find out why rates havent gone down more dramatically.

When asked about the filings, Governor Charlie Crist was pointed. It does look like a violation of law when they put in for increases and dont pass on the saving theyre supposed to do under the great reforms Senate President Pruitt and Speaker Marco Rubio had the courage to put through in the special session in January. says the Governor.

The good news for policy holders is that no rate hikes will take effect until they are approved…which the governor says is doubtful. I dont think those increases will be approved, so they wont have to pay it. Says Crist.

Some of the rate hike requests are being driven by insurance ratings services who are also under investigation for possible collusion in setting rates.

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