Florida Insurance Regulations

The Florida Office of Insurance Regulation announced it has added a new page to its website that allows Floridians to view adjustments to their premiums based on recent insurer filings. The rate changes are required by the new property insurance reform law. The web page will allow consumers to view the amount of the new rate cuts and is available at http://www.floir.com/PresumedFactor/Report1.pdf*(external pdf). Legislation passed during the recent Special Session of the Florida Legislature required the Office to calculate the Presumed Factors to estimate cost savings for consumers living in various regions of the state.

It is important for the public to understand these are average savings. The discounts in region 1, which contains zip codes from North Florida and the Panhandle, could average 10.2 percent of the total policy premium. The discounts could increase to an average of 52.8 percent of the total policy premium in region 25, which contains zip codes from Miami-Dade. When the insurer's filing is approved, policyholders can work with their agent to determine the exact savings based on their particular circumstances.

Also know that some insurers have not yet filed or have filings in process. Policyholders who do not see their insurance company on the webpage should not be concerned, as the webpage will be updated as additional information becomes available. All insurers are required to submit a second "reconciliation" filing by September 30, 2007 when all reinsurance arrangements have been finalized. If insurance companies have underestimated the potential savings, they will be required to provide an additional discount following this "true-up" filing.

Posted by Donald Urschalitz P.A. at March 20, 2007 01:41 PM