"Florida Home Insurance Companies Propose Over 50% Premium Hikes"
Two home insurance companies, Castle Key Insurance and Amica Mutual Insurance, have requested rate hikes of over 50% with the Florida Office of Insurance Regulation for specialized policies such as condos and second vacation homes. The requests come amidst higher costs for home repairs and severe weather losses, with state leaders attributing the trend to a calmer insurance market following reforms in December 2022. Mark Friedlander of the Insurance Information Institute believes that these substantial rate increases are not indicative of a broader trend among insurance companies.
