Make us your home page
Instagram

Latest double-digit property insurance hike: Homeowners Choice, by 14%

Add Homeowners Choice to the tally of property insurance companies receiving a double-digit rate hike.

The Clearwater-based company, which has about 70,000 homeowners policies, said Friday it has received regulatory approval to raise premiums an average of 14 percent. The increase is effective for policies written or renewed on or after April 10.

Homeowners Choice chief executive officer F.X. McCahill, said the company has kept premiums steady since it was founded three years ago. However, the company has been forced to pay more for reinsurance — an added layer of insurance that insurers buy to protect themselves from catastrophic claims.

"Like all others in the industry, we have been impacted by rising reinsurance costs. We have held the line as long as possible, but now find a rate increase necessary," he said.

Florida Insurance Commissioner Kevin McCarty has approved a string of recent rate increases to reimburse insurers for both reinsurance costs and lower premiums. Insurers have complained that premiums have fallen because of a state-mandated program giving credits to homeowners who shore up their homes against hurricanes.

Part of the state's plan to help Florida's troubled property insurance market hinges on Florida-based companies like Homeowners Choice to taking on more policies even as out-of-state insurers pull back. And Homeowners Choice has been eager to grow quickly.

In October, Homeowners Choice received approval to gradually take about 60,000 policies out of state-run Citizens Property Insurance. At the time, Homeowners had 53,000 policies. It also made a failed bid to buy fellow insurer 21st Century Holding Co.

Latest double-digit property insurance hike: Homeowners Choice, by 14% 02/26/10 [Last modified: Friday, February 26, 2010 8:14pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. In advertising, marketing diversity needs a boost in Tampa Bay, nationally

    Business

    TAMPA — Trimeka Benjamin was focused on a career in broadcast journalism when she entered Bethune-Cookman University.

    From left, Swim Digital marketing owner Trimeka Benjamin discusses the broad lack of diversity in advertising and marketing with 22 Squared copywriter Luke Sokolewicz, University of Tampa advertising/PR professor Jennifer Whelihan, Rumbo creative director George Zwierko and Nancy Vaughn of the White Book Agency. The group recently met at The Bunker in Ybor City.
  2. Tampa Club president seeks assessment fee from members

    News

    TAMPA — The president of the Tampa Club said he asked members last month to pay an additional assessment fee to provide "additional revenue." However, Ron Licata said Friday that the downtown business group is not in a dire financial situation.

    Ron Licata, president of the Tampa Club in downtown Tampa. [Tampa Club]
  3. Under Republican health care bill, Florida must make up $7.5 billion

    Markets

    If a Senate bill called the Better Care Reconciliation Act of 2017 becomes law, Florida's government would need to make up about $7.5 billion to maintain its current health care system. The bill, which is one of the Republican Party's long-promised answers to the Affordable Care Act imposes a cap on funding per enrollee …

    Florida would need to cover $7.5 billion to keep its health care program under the Republican-proposed Better Care Reconciliation Act of 2017.  [Times file photo]
  4. Amid U.S. real estate buying binge by foreign investors, Florida remains first choice

    Real Estate

    Foreign investment in U.S. residential real estate recently skyrocketed to a new high with nearly half of all foreign sales happening in Florida, California and Texas.

    A National Association of Realtors annual survey found record volume and activity by foreign buyers of U.S. real estate. Florida had the highest foreign investment activity, followed by California and Texas. [National Association of Realtors]
  5. Trigaux: Tampa Bay health care leaders wary of getting too far ahead in disruptive times

    Business

    Are attempts to repeal Obamacare dead for the foreseeable future? Might the Affordable Care Act (ACA), now in dire limbo, be revived? Will Medicaid coverage for the most in need be gutted? Can Republicans now in charge of the White House, Senate and House ever agree to deliver a substitute health care plan that people …

    Natalia Ricabal of Lutz, 12 years old, joined other pediatric cancer patients in Washington in July to urge Congress to protect Medicaid coverage that helped patients like Ricabal fight cancer. She was diagnosed with Ewing's sarcoma in 2013 and has undergone extensive treatments at BayCare's St. Joseph's Children's Hospital in Tampa. [Courtesy of BayCare]