The Florida Office of Insurance Regulation said that for the second time this week, it has approved rates for a large homeowners insurer that are substantially below what was initially requested.
OIR said it authorized a revised overall rate increase filing of 16.3 percent for United Services Automobile Association and USAA Casualty Insurance Company after the carriers originally sought a 40 percent hike.
Earlier, the OIR approved revised rate filings submitted by Allstate Floridian Insurance Company and Allstate Floridian Indemnity Company of 8.2 percent for each. Allstate Floridian and Allstate Indemnity originally requested average statewide increases of 22.5 and 33.2 percent, respectively.
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