Rising reinsurance costs, rampant litigation expense and capacity issues…it’s been building for a while. As it does, the market tightens, leaving you and homeowners with fewer insurance options. Our commitment: to be here. That means taking a rate increase.
After careful consideration, we implemented a statewide average rate increase of 14.9% for our admitted home program as follows:
- New business policies effective 3/15/21 and beyond. For new business quoted prior to 3/15/21, we will honor the current rate through 3/31/21.
- Renewal business effective 5/12/21 and beyond. For renewals offered prior to 5/12/21 we will honor the current rate.
- The rate increase of 14.9% is a statewide average, meaning some policyholders will see smaller or larger increases.
Insurance Scoring is Here
Just like our new E&S Home Program in Florida, our Admitted Program now factors insurance scoring into our rates. This means customers will now get their best rate. This change is immediate for new business. We will apply credit scoring for renewal business using the same schedule listed above for the rate increase.
We’ve also made changes to our underwriting guidelines recently. Check out our Florida Home Quick Reference Guide for details.