[Flyers999]

Originally Posted by Gatorfan1

All rate increases have to be approved by the Department of Insurance in Tallahassee. Companies are filing rate decreases now. The numbers are based on what happened two years ago. Actually most have filed for rate decrease. The hurricane will not affect rates for at least 2 years.

Florida home insurance rates begin to fall after years of dramatic increases | FOX 13 Tampa Bay


Correct.

The Florida Office of Insurance Regulation said that the following nine insurance companies have filed for rate reductions:

American Integrity Insurance Co. of Florida
American National Property & Casualty Co.
Florida Peninsula Insurance Co.
Heritage Property & Casualty Co.
Safe Harbor Insurance Co.
Southern Oak Insurance Co.
Spinnaker Insurance Co.
Stillwater Property & Casualty Co.
US Coastal Property & Casualty

Competition will eventually fix this. This is the second year in a row that Spinnaker (my homeowners insurance company) filed for a reduction.

If you offered the Florida Homeowner's Insurance industry one Helene per year (and no other hurricanes) they would jump at that.

Of course, every so often a Hurricane Ian comes around. The third costliest weather disaster on record worldwide.

[Tom359]

Originally Posted by Rainger99

After Helene, I think our insurance rates are going to go up next year.

It is having a major impact on several states. I haven’t seen any damage estimate yet but it is going to be in the billions!

Just wanted to clarify since I have heard this over and over. A disaster in another state will NOT directly affect your rates. Not saying there won't be increases in Florida, but it will not be based on what happened in NC. Every state has such diverse laws on how insurance companies must operate, that every major insurance company is essentially 50 separate insurance companies, one for every state. Each state has their own profit/loss that the parent company analyzes and adjusts rates accordingly. I worked in Florida and Colorado and had to constantly explain to clients that a hurricane in Georgia will not affect the rates in Colorado. Conversely, a major hailstorm in Colorado (the most common event), will not affect rates in neighboring states.