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50 Insureres Seek Increases

October 2nd, 2007 by Mike Vasilinda

The Office of Insurance Regulation has released the filings of the first 82 insurance companies to file rate information under a new law. 50 of the 82 are seeking increases averaging 26 point 3 percent, 19 are seeking no increase, and 13 more are asking their rates be reduced an average of 6 point seven percent. For one million homeowners, Mike Vasilinda tells us the states second largest company is lowering its rates slightly.

Hear it Here: 50 Insurers Seek Increases

One million State Farm customers will see a 2 percent decrease in their homeowners insurance. The decrease is part of a settlement with the state that also includes a 23 million dollar refund. The Refund is a result of State Farm overcharging on assessments from the 2004-2005 hurricane losses. Ed Domansky from the Office of Insurance Regulation says State Farm will no longer require homeowners to buy their auto insurance as well. They have reassessed that and will no longer tie the requirement to have another policy to homeowners before they make a decision to not renew a customer, says Domansky.

Meanwhile, the state continues to review hundreds of other insurance company filings that came in at the close of business Monday. Allstate is among those seeking large increases while some other companies have slight decreases.

For the second day in a row Charlie Crist intimated that companies asking for rate increases are going to be out of luck. Crist contends the industry is raping consumers.
I just found out yesterday, that in the last three months, they made 32 billion dollars. I dont know whats going on, but its like…ridiculous, say Crist.

None of the higher rates being proposed will go into effect without state approval. Working through the rate requests..and even decreases…could take months.

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