Florida Insurance – What You Can Do to Avoid Future Home Insurance Rate Increases

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Florida Insurance – What You Can Do to Avoid Future Home Insurance Rate Increases

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Posted: Jun 19, 2009 |Comments: 0
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The recent Florida property insurance law passed by the Florida Legislature and signed by Governor Charlie Crist was an important step towards improving the financial stability of the Florida insurance system. It allows Florida’s state run insurance company – Citizens Property Insurance Corporation to start raising its rates as much as 10% per year starting in 2010 as part of a multi-year process to move the company towards more actuarially sound rates. Private Florida home insurance companies will also be able to get rate increases in the future as they purchase more reinsurance from the private market instead of from the Florida Hurricane Catastrophe Fund.

The bright spot is that the Florida insurance system will be on a