Quote:
Originally Posted by Skip
I thought that too but years ago a friend in the business told me most states have laws that prevent insurance companies from "introductory rates" (like cable TV, etc.). They are not allowed to quote $500 for the first year or two, then jack you up to $700, then $900 after that. The rate is supposed to be based on RISK (not be an income REWARD). Anyone know what the insurance law is in Florida? Former insurance sales agents out there, reading this?
Skip
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Rates are approved by the State Department of insurance. There is also a cap of profit an insurance company can make in Florida. Florida regulates everything companies do in Florida.
As for premiums…Did you know Florida is the 3rd largest populated state?
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