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Florida rolls out 90-day property insurance rate hike freeze after Michael

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Florida rolls out 90-day property insurance rate hike freeze after Michael

The Florida Office of Insurance Regulation has issued an emergency order for a 90-day freeze on rate hikes on holders of property insurance as the state deals with the damage wrought by Hurricane Michael.

Rate changes scheduled to take effect on or after Oct. 7 were moved back to Jan. 7, 2019.

Insurers were also barred from canceling or not renewing policies for residential properties that suffered damage from the hurricane for at least 90 days.

The order covers Bay, Calhoun, Franklin, Gadsden, Gulf, Hamilton, Holmes, Jackson, Jefferson, Leon, Liberty, Madison, Suwannee, Taylor, Wakulla and Washington counties.

Michael made landfall near Mexico Beach, Fla., on Oct. 10 as a powerful Category 4 hurricane.

Also, a public hearing on the National Council on Compensation Insurance's 2019 Florida workers' compensation rate filing, scheduled for Oct. 17, was cancelled. The filing seeks an average premium decrease of 13.4% in the state, with an effective date of Jan. 1, 2019.