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Florida homeowners insurer gets approval for 21.9% rate hike

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Florida homeowners insurer gets approval for 21.9% rate hike

The Florida Office of Insurance Regulation approved an Edison Insurance Co. homeowner rate filing that served as the subject of a recent public hearing.

The Boca Raton, Fla.-based company, citing the impact of heightened levels of litigation particularly on water loss claims, requested an overall rate increase of 21.9%, including a hike of 22.4% on owner-occupied business written on policy form HO-3.

The regulator said the rate increase would take effect for new and renewal business on Feb. 15 and March 24, respectively. A spokeswoman described the ruling as the outcome of a "deliberative review process" that included the Dec. 17 public hearing.