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Two companies seek home policy rate hikes

Two insurance companies have asked for permission to raise rates on Florida homeowner policies and a third company plans on leaving the state.

The requests by Florida Preferred Property Insurance and Old Dominion Insurance come on the heels of others that have either recently requested Florida increases or already imposed them before getting approval.

Clarendon Select Insurance Co. will end its business in Florida.

Recently, Allstate Floridian, the state's third-largest property insurer, imposed a 28 percent increase without waiting for state approval. Days later, Allstate knocked that increase down to 10 percent, saying it will file later through the normal approval process for the full amount.

A request for a statewide 36.7 percent increase by Cincinnati Insurance Co. and Cincinnati Indemnity Co. were rejected by the state last week.

In recent filings, Florida Preferred, part of Tampa-based Poe Financial Group, and Old Dominion, part of Jacksonville-based Main Street America Group, proposed their rate increase requests July 1 to state regulators.

Florida Preferred wants to increase its rates statewide by an average of 13.8 percent for home policies and 17.2 percent for condo policies.

Old Dominion wants to increase its rates an average of 14.2 percent statewide on homeowner policyholders.

[Last modified July 9, 2005, 01:01:15]