As if insurance rates were not high enough for Florida homeowners, two insurance companies are seeking more than a 50 percent hike in premiums.
The two insurance companies, Castle Key Indemnity Company, owned by Allstate, and Amica Mutual Insurance say the hike is absolutely necessary and don’t believe the economy will be effected by the hikes.
According to reports, the Florida Office of Insurance Regulation will hold hearings next week to decide if the agency will approve the rate requests.
The Insurance Information Institute is blaming the hikes on hurricane and other sever weather events
Experts say that if Florida does not get more insurance companies to write in the Sunshine State soon that homeowners could soon be paying more for insurance than a mortgage payment.
While many have said that insurance has always been a scam, some Florida residents are now looking to DeSantis for answers.