Our View: What Rate Cuts?-FloridaToday.com
I guess we’ll get word on this tomorrow when insurers are requried to make their rate filings to the insurance commission. Money quote:
Remember the deal?
They doubled the size of the state’s Hurricane Catastrophe Fund, which sells storm insurance coverage to insurers at cost, and which you pay for through your premiums.
In return, insurers were supposed to cut rates sharply and ease the financial havoc they’ve caused by doubling and tripling premiums.
But a funny thing is happening on the way to those reductions, which state Insurance Commissioner Kevin McCarthy says should average 24 percent:
Early returns show they’re not happening.
And the big shoe will drop Thursday when some of the largest companies — such as State Farm and Allstate — make their new rate filings that will go into effect with policies that renew June 1.
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