Newspaper article The Florida Times Union

State Denies Rate Hike from First Floridian; Carrier, Which Has More Than 11,000 Policies in First Coast, Can Appeal the Ruling

Newspaper article The Florida Times Union

State Denies Rate Hike from First Floridian; Carrier, Which Has More Than 11,000 Policies in First Coast, Can Appeal the Ruling

Article excerpt

Byline: URVAKSH KARKARIA

State regulators on Thursday denied First Floridian Auto and Home Insurance Co.'s 63.2 percent statewide average homeowners insurance rate hike.

Tampa-based First Floridian has more than 86,000 policies in Florida, including more than 11,300 in the First Coast, according to Florida's Office of Insurance Regulation. Duval County, with 7,315 homeowners policies, is among the carrier's top five markets, the OIR said.

Company officials could not be reached for comment Thursday evening.

First Floridian initially requested a rate hike of 24.4 percent in May, primarily citing higher reinsurance costs. The company amended the rate request to 70.4 percent in July and changed it again to 63.2 percent this month, OIR spokesman Bob Lotane said.

Insurers buy reinsurance, or insurance for insurers, to help offset the cost of paying claims after a major storm or other catastrophe. Higher reinsurance costs have driven many carriers to raise their premiums. …

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