The Florida Office of Insurance Regulation (OIR) announced today it had disapproved a USAA insurance request to raise home insurance rates by more than 50 percent.
OIR said the rate proposal had been submitted by United Services Automobile Association (USAA), USAA Casualty Insurance Company and USAA General Indemnity Company.
The filing, received by the OIR on July 30, proposed a statewide average increase in homeowners insurance rates of 53.9 percent.
As a result of the disapproval, the OIR said it cancelled the public hearing scheduled for tomorrow. The agency said it had determined that the filings were incomplete and were not certified as required by Florida law.
In a letter sent to the companies Friday, the OIR advised the companies that the filing was disapproved and required to be re-filed with the correct certification in place by company officers.
The action is the latest in a series of OIR rate disapprovals that have occurred this year.
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