"Florida Home Insurance Companies Push for Over 50% Premium Hikes"

Two insurance companies, Castle Key Indemnity Company and Amica Mutual Insurance, are seeking approval for premium hikes of over 50% for Florida homeowners, citing increased costs due to severe weather events. The Florida Office of Insurance Regulation will hold hearings to decide on the rate requests. Mark Friedlander of the Insurance Information Institute noted that the proposed increases are lower than last year's triple-digit jumps, and mentioned that seven new insurers have been approved to write homeowners' policies in Florida in 2024, potentially leading to more choices and better pricing for homeowners. Allstate, the owner of Castle Key, stated that the cost of providing reliable protection for Florida homeowners has risen dramatically and expressed confidence in recent insurance reforms addressing longstanding challenges in the state.