April 9, 2011

Homeowner's Rates Increase in Orlando

A sign of the times. One major insurance company will increase rates starting in July by as much as 50% in some areas. The Office of Insurance Regulation approved a 19 percent rate increase statewide for the company's home insurance policies. What areas will be affected?

• 50 percent or more for parts of Volusia, Osceola and Polk Counties (No change for some parts of Polk County)
• More than 30 percent for Orange, Lake and Seminole Counties
• 6 percent for part of Volusia

Your premium may change by more or less than the average rate increase approved. The rate change is due to rising costs of sinkhole and hurricane risks. Although rates will decrease for renters and and condominiums, premiums for homes owned and rented out by businesses may go up as much as 62 percent statewide.

As policies come up for renewal, the new rates will increase. First, find out how you will be affected by these new rates in July. Then, call our office at 407-671-4900 for a free quote and compare. We offer lower competitive rates with many reliable insurance companies.