CRIME RIGHT NOW. ERIN GOODNESS, WHAT A STORY. ALL RIGHT. COVERING FLORIDA AND NEW THIS MORNING, THOUSANDS OF FLORIDA HOMEOWNERS MAY START PAYING MORE FOR HOME INSURANCE. STATE REGULATORS APPROVED A MORE THAN 31% RATE FOR THE STATE’S FIFTH LARGEST INSURER. WE’RE TALKING ABOUT TRUE PROPERTY INSURANCE. THAT TRANSLATES TO MORE THAN $1,300 A YEAR, IMPACTING MORE THAN 20,000 CUSTOMERS. EXPERTS SAY THIS INCREASE IS LIKELY BECAUSE THE COMPANY WAS NOT PROPERLY, PROPERLY PREPARED FOR THE HURRICANE SEASON. NOW, IF YOU HAVE A CITIZENS PROPERTY INSURANCE, YOU COULD SEE A BIG RATE HIKE AS WELL. STATE LEADERS APPROVED THAT ONE EARLIER THIS YEAR. SOME POLICYHOLDERS COULD SEE AN INCREASE OF UP TO 14% WHEN YOU RENEW.
Thousands of Florida homeowners may soon face higher home insurance costs as state regulators have approved a more than 31% rate increase for True Property Insurance, the state’s fifth-largest insurer.Stay up to date: The latest headlines and weather from WPBF 25This hike translates to over $1,300 annually, affecting more than 20,000 customers. Experts say this increase is likely because the company was not properly prepared for this hurricane season. Additionally, those with Citizens Property Insurance could experience a substantial rate hike as well after state leaders approved increases earlier this year.Some policyholders might see their rates rise by up to 14% upon renewal. With the peak of hurricane season approaching, officials are urging people to consider shopping around for better rates.Top Headlines:Heat advisories for South FloridaGet the latest weather updates with the WPBF 25 News app. You can download it here.
Thousands of Florida homeowners may soon face higher home insurance costs as state regulators have approved a more than 31% rate increase for True Property Insurance, the state’s fifth-largest insurer.
Stay up to date: The latest headlines and weather from WPBF 25
This hike translates to over $1,300 annually, affecting more than 20,000 customers. Experts say this increase is likely because the company was not properly prepared for this hurricane season. Additionally, those with Citizens Property Insurance could experience a substantial rate hike as well after state leaders approved increases earlier this year.
Some policyholders might see their rates rise by up to 14% upon renewal. With the peak of hurricane season approaching, officials are urging people to consider shopping around for better rates.
Top Headlines:
Heat advisories for South Florida
Get the latest weather updates with the WPBF 25 News app. You can download it here.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.