Florida Hearing Set for Cincinnati Insurance Rate Increase

The Florida Office of Insurance Regulation announced a public hearing will be held to discuss rate hikes Cincinnati Insurance Co. and Cincinnati Indemnity Co. submitted.

The Cincinnati companies requested average statewide rate increases of 36.8 percent and 39.6 percent for their homeowners and dwelling fire programs, respectively.

The proposed rate increases would be effective March 1, 2009, for new and renewal business. The requested rate increases are not uniform around the state, and some policyholders would be subject to rate changes that are higher or lower than the averages requested, if approved.

The public hearing is scheduled for Oct. 10 at 9 a.m. in room 401 at the Senate Office Building in Tallahassee.

Source: Florida Office of Insurance Regulation