The Nationwide Insurance Company of Florida is seeking an overall statewide average 71.4 percent rate increase in homeowners' rates, which, if approved, would take effect in November. Nationwide's request comes in the wake of State Farm of Florida's request for a statewide 79 percent rate hike.
Jeff Rommel, regional vice president of Florida operations for Columbus, Ohio-based Nationwide said: “While this decision is difficult, we have an obligation to ensure our homeowner rates are adequate so we can maintain long-term viability for our Florida customers and customers across the country. The majority of this rate adjustment will cover rising reinsurance costs and the rising costs of building materials and labor.”
Rommel stressed that the rate filing does not reflect losses from the last several hurricane seasons. “This is not about recouping past losses. This rate adjustment reflects the true costs of serving a market where the threat of future hurricanes is very real,” he said. “We have to be sure we have the financial ability to honor the commitment we've made to our customers.”
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