Florida Home Insurance Rates Going Way Up

Karen Triggiani sends me this link:

McCarty said the Office of Insurance Regulation rejected many rate hikes in 2008 because the law required insurers to pass to consumers the savings they received from buying cheaper state-backed catastrophe reinsurance, or insurance for insurers. Insurers criticized McCarty for lowering rates, saying that was partly to blame for some insurers shedding policies and four home insurers folding since last year.
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But the recent rate hikes have left policyholders perplexed, especially because no hurricanes directly hit Florida since 2005. Some consumer advocates criticized McCarty this year for supporting an industry-backed bill that would have made it easier for insurers to raise rates. Gov. Charlie Crist vetoed the bill.

McCarty said he supported the bill, SB 2044, because it also addressed higher claims costs.