Florida businesses will save some money next year. The state’s Office of Insurance Regulation has announced an overall 5.2 percent decrease in workers-compensation insurance rates.
Workers’ comp insurers are seeking a one percent increase, meaning employers across the state of Florida could have to pay more for their workers’ compensation insurance.
Florida hasn’t seen a hurricane since 2005, but that hasn’t stopped property insurance rates from going up. Hurricane Wilma was the last of eight hurricanes to hit the state from 2004 to 2005. It raked the southern end of Florida and caused billions in damages.
Calling it an unfair trade practice, state insurance consumer advocate Robin Smith Westcott wants an investigation to the practice of insurance companies canceling homeowner’s policies or denying claims based on their credit information.
Be prepared to get new property insurance if you currently have Citizens Property Insurance.
If you use a certain insurer for your homeowner’s policy, you might soon be saving a lot of money.
Home owners who have Citizens Property Insurance will see their rates increase 6.2 percent next year.