Florida Homeowners Insurance Companies Hike Rates

Many Florida homeowners insurance companies are either leaving the state or asking for incredible rate increases this year.  This is the case for both State Farm Insurance Company and Mercury General Corporation.  Today is one of the best times to take advantage of other Florida home insurance companies that are offering discounted rates.  Get a FREE home quote here!

FLORIDA HOMEOWNERS INSURANCE COMPANY LEAVING THE STATE

The Mercury General Corporation recently announced a large fourth-quarter loss due to the rainstorms in California and the ongoing sinkhole issues in Florida.  This home and auto insurance company suffered a $19 million dollar underwriting loss from its Florida homeowners insurance book of business.  Based on the recent catastrophic losses, they plan to exit from the Florida market.  Mercury said they will give a 180 day non-renewal to over 8,000 Florida policyholders starting in March.  They believe to have a full exit from the Florida home insurance market by the latter part of 2012.  Are you waiting until you receive your non-renewal letter?  Don’t wait; get new Florida homeowners insurance quotes today.

FLORIDA HOME INSURANCE CARRIER ANNOUNCES RATE HIKE

State Farm insurance company recently announced that they file a new rate increase to the state of Florida Office of Insurance Regulation for approval.  State Farm is proposing a 28% average statewide increase for their Florida homeowners insurance policies.  Although the rate increases will vary by area, it still offers State Farm policy holders something to think about.  We all know what happened the last time this company asked for a rate increase in Florida.  The state shot them down on the initial proposal, but ended up negotiating a reasonable rate increase for State Farm policyholders.   

The Florida State Farm insurance company currently insures nearly 700,000 property insurance policies in the state of Florida.  The last increase from State Farm was toward the end of 2010 and increased a select bunch of homeowners policies by 7%.  The hearing is set in the state capital of Tallahassee Florida February 15, 2011.  Do you think State Farm will get their proposed rate increase?   How many Florida home insurance policies will this rate hike affect?

ABOUT PREMIER HOMEOWNERS INSURANCE AGENCY FLORIDA

Our Agency, Premier Homeowners Insurance, is a property and casualty consulting group based in Ponte Vedra Beach, Florida. We provide solutions from numerous top rated service providers that provide Florida home policies to the entire state.   We provide correct details to our customers, which in turn can maximize all discounts available to them.  Our own firm knows that all of our clients have various insurance requirements. Our agents make every effort to offer all top notch products like home insurance, condominium insurance, flood insurance, house insurance, and wind policies.  Call now 800-554-9142 to start saving today!