Are More Premium Increases Coming?

The rates for reinsurance have gone up 100% in the last four years, and experts are projecting another 50% hike by June 1.

And when these go up, insurers will pass some of the burden to consumers.

Until reinsurers can regain confidence in the Florida market following reckless litigation and fraudulent roofing practices, rate increases will continue for Florida homeowners, despite recent legislation - including Citizens customers, who find themselves with no option other than the state-run insurance company of “last resort.”

Reinsurance rates are expected to rise dramatically due to rising economic inflation, legal system abuse, supply chain constraints, increasing catastrophic weather driving up losses, and historic cost increases for reinsurance and other forms of capital.

One guess as to who ULTIMATELY pays the cost (spoiler alert: home insurance customers!)

Citizens Insurance Proposes average 14% rate hike statewide.

Universal North America Also effective June 1, 2023, Universal North America will implement an overall rate increase of 14.9%. HO-3 will increase by 17.3%, and HO-6 by 0.9% based on territory.

More to come....