Florida Insurance Commissioner Kevin McCarty said today he is denying a Nationwide Insurance Company of Florida rate increase request that would hit some homeowners with hikes of up to 400 percent.
The regulator announced that he issued notice of intent to deny Nationwide's application for an increase in residential property insurance rates by a statewide average of 71.5 percent.
Mr. McCarty said his office has been inundated with rate hike requests from home insurers in the wake of heavy losses inflicted by the 2005 hurricane season.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
