Three FL property insurance carriers seeking rate hikes between 14% and 103% for condo policies | Florida

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There is not a typo on the headline.

This week, a small insurance company – Kin Interinsurance Network – based in St. Petersburg, asked the Florida Office of Insurance Regulation (OIR) to approve a rate hike of 103.2 percent for condominium policies.

The OIR held a hearing on some large use-and-file rate increases proposed by Kin Interinsurance Network. The increases?

61.5% for HO-3; 84.3% for DP-3; and 103.2% for condominium policies. Kin is a reciprocal exchange insurance company owned by policyholders and operates in Louisiana, South Carolina, Texas and California.

Dan Ajun, Kin’s chief actuary, and CEO Angel Conlin, CEO of Kin, said the large increase were needed to keep the company on a sound financial footing.

According to a report in the Insurance Journal, Kin’s HO-3 rate increase impacts over 27,000 homeowners, raising premiums an average of $1,395.

Kin Interinsurance Network is rated “A” – Exceptional – by DemoTech.

Also requesting a rate increase last week was Florida’s insurer of last resort, Citizens Property Insurance Corp. The rate increase filing, if granted by the OIR, would increase Citizens’ average by 14.2 percent for personal lines and 12.3 percent for commercial policies effective November 1.

The Insurance Journal report says the increase appears to be slightly above Citizens’ statutory glidepath restrictions, which limit increases to no more than 12 percent for 2023, adding that Citizens is not guaranteed to get the increase. A previous 11 percent rate increase request by Citizens was reduced to 6.4 percent.

St. Petersburg based First Community Insurance , who increased its rate to more than 25,000 policy holders by 45 percent last November, also asked the OIR to approve what will be the fourth-rate increase in three years for First Community.

In 2021, the OIR approved a 50 percent rate hike in 2021 – double what the carrier had requested, the Insurance Journal reported.

For the complete Insurance Journal report, click here.



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