Brace yourself for the average percentage increases these two companies were looking for. CIC and HPIC requested a statewide average rate increase for their homeowners programs of 78.9 percent and 92.4 percent. If these requests were honored 34,866 policyholders would be affected between the two companies. The Florida Insurance Commissioner Kevin McCarty said:
After holding public rate hearings on these proposed rate increases and having our actuarial staff conduct their thorough review and analysis, the filings failed to justify this level of an increase and were deficient in several areas. We will continue to be diligent and scrutinize each and every rate filing as it comes in the door to ensure Florida consumers are paying fair and adequate rates for their insurance coverage.
I would agree that a 78-92 percent premium increase is a tad exorbitant even after the past few very active hurricane seasons.
