Insurance News - Over 50% Increase in Florida Home Insurance Rates: Two Companies Submit Proposals

For the full article, visit: https://www.liveinsurancenews.com/home-insurance-florida-rates-2/8558493/ Two Florida home insurance companies, Amica Mutual Insurance and Castle Key Indemnity, have requested to increase their rates by over 50%. This rate hike is intended to help the companies recover from significant losses incurred due to recent storms. The proposed increases are particularly targeted at policies covering condominiums and secondary residences. The Insurance Information Institute (III) spokesperson Mark Friedlander attributed the request to storm loss costs and rising construction and material prices. Meanwhile, he expressed hope that market stabilization and competition might help control home insurance rates in Florida. Seven new home insurers have recently been approved to operate in Florida, potentially introducing more competition. The Florida Office of Insurance Regulation has scheduled a virtual public meeting to discuss these rate increase requests. #insurancenews #floridainsurance 🧠👉Don't forget to connect with us across our various social media platforms: 😊Facebook: https://www.facebook.com/liveinsurancenews/ 📷Instagram: https://www.instagram.com/biginsurancenews/ 🔗LinkedIn: https://www.linkedin.com/in/live-insurance-news/ 🐦Twitter: https://twitter.com/insureca4less Interested in finding a new insurance job or just want to know more about insurance jobs - https://www.liveinsurancenews.com/find-insurance-jobs/ Also check-out our low cost press release services here: https://www.liveinsurancenews.com/submit-press-release/