The Florida Senate and Banking Insurance Committee recently approved a bill that would give homeowners insurers some latitude, allowing them to raise their rates without first getting approval from the state insurance department. The bill would let insurers increase their rates by a statewide average 15 percent above their current rate. The bill caps increases on individually policyholders so that their rates are no higher than twice the statewide average.
The role of the Office of Insurance Regulation (OIR) would be limited to reviewing the rates to see if they are inadequate or discriminatory.
Under current law, every property insurer in the state must make an annual rate filing with the OIR, which may either approve or disapprove the rates to ensure that they are not excessive, inadequate or unfairly discriminatory. Although lawmakers in recent years have streamlined the process, it can still take months to resolve the filings, especially if they are disputed.
In cases like this is when you need an independent insurance agency like E&S Insurance. We will always look for the best price for our clients.
For more information contact me.
http://www.es-insurance.com/
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