‘Premium’ facts on home insurance market
In response to “Insurance premiums could double,” I would like to give your readers the rest of the story.
Senate Bill 408 did not raise insurance rates; it simply gave insurance companies the ability to recoup increasing costs of reinsurance more quickly. The Office of Insurance Regulation still has to approve the expedited rate filing, and if found unwarranted, the insurance company would be required to return the excess premium to the policy holders.