Home insurance in Florida set to get more expensive
Homeowners in hurricane-prone Florida are used to high insurance premiums, but the latest proposal from insurance companies - which would inflate some consumers' bills by double-digit percentages - has drawn a large amount of attention from the state's media outlets.
Tim Shaw, the owner an insurance group, told Florida NBC station WBBH he understands the premium increases.
"Living in a damage prone area, geographically we should pay more than those living in the middle of South Dakota," he said.
However, the Sarasota Herald-Tribune points out that the state has not experienced a severe hurricane for several years, and that several large Florida insurers recently hiked rates again without a legally required public hearing. Reinsurance costs and administrative fees are the biggest causes of the still-rising premiums, the paper says.
Jacksonville homeowner Mary Mincy told local TV news channel WJXT she was fed up with the rate hikes. She was recently dropped by State Farm and must now pay even more for a new policy, the station reports.
"We have not had a hurricane in years. Then there should be a reimbursement of some sort. That is my thinking," Mincy said.
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- Total costs from Minneapolis tornado reach $80 million May 21, 2012
- Analysis shows more than $2B of insurance claims from Joplin tornado May 18, 2012
- Recovery continues for Michigan tornado victims May 17, 2012
