Quote:
Originally Posted by JRW8219
If you are in the business then you know that they can't just raise the premiums based on their broad book of business. Each state has insurance regulators who must allow the increase to happen. Yes catastrophes can hurt the companies bottom line but they are not allowed to just pass this on without regulation.
At least that was the case in the states that we did business with (not sure about FLA).
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JR, you are absolutely correct that prices can not be just passed on to the customers without any oversight and regulation. Every State has an Insurance Commission run by our government.
All price increases by every insurance company are mandated to submit increases to their State Commission and have to justify why they are needed and this is a very long process (months). Many times they are denied or reduced. It has to be based on a justifiable need, not just more profits for the companies.