Heritage Insurance Holdings Inc. unit Heritage Property & Casualty Insurance Co. has filed for double-digit rate increases for its new and renewal homeowners insurance business in Florida in 2018, the Sun Sentinel reported, citing rate filings with the Florida Office of Insurance Regulation.
The company has sought an average increase of 14.5% for policyholders under its Select Homeowners Program, starting May 1, according to the report.
Additionally, it has requested a 14.2% average statewide rate hike for its "Preferred" policyholders, who were not acquired through the Citizens Property Insurance Corp.'s takeout program. This rate hike is requested starting July 1. Tricounty homeowners, not acquired through the Citizens takeout program, would see rate increases of 13.8% to 25%, while condo owners, acquired from Citizens, would see rate increases averaging 7.1%, according to the report.
Heritage CEO Bruce Lucas told the publication that the rate hikes were "a direct result" of the abuse of assignment of benefits.
