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.
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