Florida Homeowners Insurance Rate Increase

The state of Florida insurance commissioner announced today the approval to allow double digit rate hikes for Florida homeowners insurance policy holders that are insured with Allstate.  The Castle Key Group is an Allstate subsidiary doing business in the Sunshine state and will be offering the rate increase to many policy holders in various counties.  If you currently getting an increase with Allstate’s subsidiary and would like to get quotes from all of the other competitive homeowners carriers in the state please click HERE. 

FLORIDA HOMEOWNERS INSURANCE CARRIER TO INCREASE RATES!

The state of Florida Office of Insurance Regulation is allowing on average an increase of 18% for certain Castle Key insurance policy holders, while offering an average increase of 17% for Allstate’s Indemnity policy holders.  This will probably cause insureds to raise their deductible or look elsewhere.  This premium rate increase had to be justified by the carrier, but makes you wonder if they still will offer cheap homeowners insurance rates in the state.   If you do start the process of shopping for a new policy, be sure your new carrier or agent uses a replacement cost estimator for the new policy.  Using that tool will help insure that you are purchasing the proper amount of coverage for your home. 

The state of Florida said that the Allstate subsidiary will not be able to offer many of the optional discounts they provided for the hurricane portion of a premium.  With the new increase in rates, losing certain discounts, you might see a very large difference in your new homeowners premium.  Lost discounts for your home policy include items like discounts for retirees, multiline Florida auto insurance discount, and a new home purchase discount.  With all of these out the door it is going to be tough for The Castle Key Group to compete for new Florida business.

FIND CHEAP HOMEOWNERS INSURANCE IN FLORIDA HERE! 

We all know that the hurricane season has been pretty easy going over the past few years.  We know that certain hurricane claims in the past could wipe an entire insurance company in Florida.  Many think that insurance companies should have recovered over the past few years, but many insurers claim that costs are still on the rise.  There have been a variety of carries doing business in the state for over 20 years that have had to pull out of the Florida market.  Do you feel that homeowners rates are cheap in Florida?  If not, click here to get quotes on the top A rated carriers in the marketplace.