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The Florida Office of Insurance Regulation (OIR) has approved residential property insurance rate hikes for Castle Key Insurance Co. and Castle Key Indemnity Co., both subsidiaries of Allstate. The OIR heard the rate requests at a public hearing on July 19 and issued its rulings today. Castle Key Insurance had requested an average rate hike of 31.2 percent; the OIR approved an increase of 14.1 percent. Castle Key Indemnity received the full 35.7 percent increase that it sought in its filing. The increases will take effect November 13 for both new and renewals business.

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