Fort Lauderdale Injury Lawyer Blog

Two subsidiaries of Allstate Insurance Company, Castle Key Insurance Co. and Castle Key Indemnity, will request permission from the State Office of Insurance Regulation to increase their rates in the amounts of 31 and 36 percent respectively a state hearing. The net effect will be that homeowners insuring their homes with these companies will see a huge increase in their premiums.

Castle Key Insurance and Castle Key Indemnity insure over a quarter of a million households in South Florida.

Florida law requires the Office of Insurance Regulation to conduct hearing to approve rate hikes that exceed 15 percent. State regulators have 90 days after an insurance company's request, to increase to reject it, approve it, or approve a smaller increase.

Given the current political climate in Tallahassee and in particular, Governor Rick Scott, you can expect these insurance companies to get what they want. The unfortunate reality is that the governor is more concerned with the profitability of insurance companies in Florida, than he is with Florida's citizens who can barely afford to purchase insurance now under the current rate structure.

Some one needs to tell these insurance companies: "No." But don't count on our governor to protect consumer interests.

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