Florida Homeowners Brace for Over 50% Insurance Premium Hikes

Two Florida insurance companies, Castle Key Indemnity Company and Amica Mutual Insurance, are seeking rate hikes of over 50% for condo and vacation home owners, citing increased repair costs, severe weather, and higher reinsurance premiums. Allstate, the owner of Castle Key, stated that the rate increase was filed nearly a year ago and has begun rolling out to customers. Industry experts attribute the cost increase to factors such as the Surfside condo collapse, inflation, and higher reinsurance prices. Former State Sen. Jeff Brandes emphasized the need for the legislature to address the rising cost of homeowners insurance in Florida with a long-term strategy.