Two insurance companies looking at rate hike requests over 50% are facing the state’s Office of Insurance Regulation this week.
On Tuesday, Amica Insurance was up first looking at what the company said is an increase that only affects second and vacation homes, about 500 by their estimate.
"We have not a made a rate increase for several years," Michael Petrarca, department vice president at Amica, said.
Company representatives pointed to an increase in claims in recent years and operating at a loss ratio of 337%, or paying out $3.37 for every dollar coming in from premiums.
In a statement, Amica explained, "The rate increase is necessary to restore pricing adequacy for this product. Amica remains committed to providing excellent products and services to our customers at competitive rates."
On Wednesday, condo insurer Castle Key will have a hearing, also on an increase of more than 50%.
"I would love to be there and give them my opinion," Stephanie Donner, a condo owner west of Boca Raton, said.
Instead, Donner said she has sent an email comment for regulators.
In a statement Allstate, the parent company of Castle Key, said the rate increase was filed last year and many customers are already experiencing it.
They also add that more severe storms, high repair costs and increases in reinsurance are leading factors.
"The cost of providing reliable protection for Florida properties has risen dramatically, and we’re taking actions to ensure we can protect customers over the long haul," the statement read in part.
As for condo owners like Stephanie Donner, things are only getting tougher.
"I’m on fixed income. I’ll have to get a job when I should be enjoying my life. This is not paradise anymore,” Donner said.
If you have any questions or issues with homeowners insurance, email me at matt.sczesny@wptv.com