Seek Residential Insurance rate increases

Florida has a plan to reduce the cost of property insurance, but some experts are questioning its viability are the demands of recent rates The Hartford, Florida Farm Bureau, Metropolitan Property and Casualty and car owners.

The latter are looking for an average increase of 41.9% at the level of state insurance and Cincinnati want a rate increase of 37.5% on average. Florida Farm wants to raise rates by 30.3% and Hartford is requesting an increase of 29.5%. Metropolitan Property and Casualty is seeking an increase of 14.9% on average.

All requests must be approved by the State. A spokesman for the Office of Insurance Regulation said that they wanted to ensure that rates charged are appropriate, non-discriminatory and not excessive.

The meetings between the governor and state lawmakers in Florida have been making efforts to reduce grinding costs in the first half of 2007, part of which enabled companies to buy less reinsurance (insurance that insurance companies take out), and make sure that all savings were transferred to consumers.

Hindsight suggests that this was a short-term solution with the risk involved, and a long-term solution, with less risk is necessary. Consumers are encouraged to look around on the Internet to find cheaper rates.

Although Florida Farm Bureau has attempted to cut rates by about 25% in early June, after he asked for an increase as a "correction," saying that the previous reduction was too steep. If the state approve the rate increase recently, the net result will be a reduction of 1.6%. The public hearing for this is set for July 10.

Metropolitan topic for the increases was that he had suffered a loss of two dollars for every premium dollar in recent years in Florida, and could not continue to operate in these financial conditions, but must manage its activities to the benefit of policyholders throughout the country.

Cincinnati Insurance has claimed that they had renegotiated its reinsurance contracts in early 2007, and could not make further savings at this time.

Hartford said it is to adjust the rates from time to time to ensure that they manage the risks in a responsible and appropriate price policies to cover the risk.

None of car owners, to ask the biggest increases, was available for comment.

There are many other insurance companies out there, and how many of those who will be responsible for rate increases? September 30th is the deadline for requests that show actual savings achieved by less reinsurance.

So far this year, the state says it has seen an average reduction of 15% for rates of property insurance policies for new and renewed .......