BLOG

Hurricane Season is Here

In Florida, Hurricane season, Insurance, Insurance Costs on June 14, 2013 at 1:32

Florida hasn’t seen a hurricane since 2005, but that hasn’t stopped property insurance rates from going up.

Although the state has been spared from additional hurricanes since that time, Florida’s fragile property insurance market has resulted in nearly year after year of steadily rising insurance rates for homeowners.

Annual reports prepared by Florida’s Office of Insurance Regulation show that the department has been approving more than 100 rate hike requests a year since 2009 – including requests to hike rates by double-digits.

Hurricane storm season officially started June 1st and federal forecasters predict it will likely be more active than an average hurricane season. The prediction issued last week calls for 13 to 20 named Atlantic storms, seven to 11 that strengthen into hurricanes and three to six that become major hurricanes.

This storm season, however, may prove even more crucial than ever for homeowners in the Sunshine State. That’s because some are predicting Florida may be finally reaching the end of a volatile period for insurance rates — if the state can avoid disaster this year.

Read more here.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: