Bay News 9: Two private Florida insurance companies propose 50% rate increase

Some property insurance rates might be about to jump — in a big way.

Two private insurance companies have asked to raise rates in Florida by more than 50%.

Castle Key and Amica are seeking hikes on some policies at about 53% or 54%.

“We live in a beautiful state, we have beautiful weather at times, but certainly not the least expensive place to live,” said Paul Handerhan, the president and executive director of the Federal Association For Insurance Reform.

He blames inflation, higher costs for real estate and bad weather for the rate hikes.

“You’re seeing inflation still having an impact, you’re seeing the real estate prices in Florida continuing to increase,” he said.

The Florida Office of Insurance Regulation has to decide whether to approve the rate increases.

In this video, Handerhan talks about whether the two companies are outliers or if it could become the norm. He also discusses what state lawmakers are doing about insurance costs.

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