Florida Regulator's Web Page Shows Rate Impact

Florida residents can now view changes their insurers make in property insurance premium rates on a new Office of Insurance Regulation Web page, the agency said.

The rate changes are required by the state's new property insurance reform law.

OIR said the new Web page allowing consumers to view the amount of insurers' rate cuts is available at http://www.floir.com/PresumedFactor/Report1.pdf.

Legislation passed during the recent Special Session of the Florida Legislature required the Office to calculate "Presumed Factors," related to reductions in the cost of reinsurance for primary carriers, to estimate cost savings for consumers living in various regions of the state.

The expansion of the Florida Hurricane Catastrophe Fund that was part of the legislation provides reinsurance capacity at reduced rates for primary insurers.

"Floridians are anxious to see how the reforms will affect them, and we want this process to be as transparent as possible," stated Insurance Commissioner Kevin McCarty. "This Web page enables policyholders to see the potential savings."

Mr. McCarty said the discounts could run an average of 53 percent in the Miami-Dade area and 10 percent in the northern panhandle area.

"When the insurer's filing is approved, policyholders can work with their agent to determine the exact savings based on their particular circumstances," Mr. McCarty said.