News & Updates


Senate bill would allow major home insurance rate hikes

March 25, 2010|By Julie Patel, South Florida Sun Sentinel

The Senate’s insurance committee passed a bill Wednesday that would essentially allow home insurance rates to rise by a statewide average of up to 33 percent in the next three years.

“Couple that with the 10 percent annual increase passed by this committee last week, and you have huge rate increases,” said Bill Newton, executive director of the Florida Consumer Action Network who spoke in opposition to the bill along with Florida Insurance Consumer Advocate Sean Shaw. Gov. Charlie Crist also made an appearance to ask lawmakers not to vote for the bill.

The bill would essentially allow automatic average statewide rate hikes of up to 5 percent the first year, 10 percent the second year and 15 percent the third year. Policyholders’ premiums can increase by more or less than than the statewide average rate.