Saving You Money For Life

Florida residents whose homes are insured by Nationwide can expect their bills to rise by 54 percent. Maybe.

What has been granted is the insurance companies’ ability to raise their average for homeowner’s insurance across the board. Specifically that a 54 percent increase is “not excessive, inadequate or unfairly discriminatory.” This request by Nationwide was granted by an arbitration panel.

What has also passed is a law which will lower premiums. As this was passed by the State Legislation, it will take precedence.

A spokesman for the Office of Insurance Regulation said that the new filing will make the increase lower than 54 percent thanks to allowing insurance companies access to more inexpensive backup coverage through Florida’s Hurricane Catastrophe Fund.

In 2004 and 2005, eight hurricanes tore through the state costing the insurance industry more than $1 billion in property damage claims. These costs were the reason for the initial request for an increase, but the OIR claims that the increase is not warranted.

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