The Real Deal Miami

Home insurance costs to climb

October 01, 2009 08:57AM

Seven of Florida’s largest 25 insurers have asked state regulators to allow rate hikes of 8 percent to 15 percent. Although the state has been spared the damage of a major storm for several years, the insurers said reinsurance costs are climbing and they need to provide backup coverage to be prepared for a worst case scenario. Universal Property & Casualty Insurance, the third largest insurer in the state, is seeking a 9.8 percent hike, while Orlando-based St. Johns Insurance wants a 14.9 percent increase. Commissioner Kevin McCarty has already told state officials a rate hike may be needed.