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For South Florida homeowners, 2017 already figured to be a year of steep property insurance rate increases.

For customers of two insurance companies, state regulators have made those increases even steeper than the companies sought.

Why? State regulators say high costs stemming from excessive claims in the tricounty region requires the companies to charge customers more money than they would prefer.

The state “has an obligation to approve rates that are [financially] sound — which may be more or less than what a company requests,” said Sha’Ron James, the state’s Insurance Consumer Advocate, who did not participate in the rate decisions.

Two companies — Deerfield Beach-based People’s Trust Insurance and Tampa-based Homeowners Choice Property & Casualty — this week received approval for larger rate increases than they requested.

People’s Trust, with 54,267 home- and condo-owner policies in the tricounty region and 129,365 statewide as of Dec. 31, sought a 14.5-percent statewide average rate hike and instead got a 16-percent hike.

Homeowners Choice, with 53,040 home- and condo-owner policies in the tricounty area and 130,041 statewide at the end of the year, sought a 3.3-percent statewide average increase and instead got an 8-percent hike.

Please read & enjoy the full article below;

http://www.sun-sentinel.com/business/fl-bz-insurance-rate-hikes-20170509-story.html

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