Florida homeowners insurance rates may see increases.

According to the Insurance Journal:

The Florida Senate and Banking Insurance Committee recently approved a bill that would give homeowners insurers some latitude, allowing them to raise their rates without first getting approval from the state insurance department. The bill would let insurers increase their rates by a statewide average 15 percent above their current rate.

Senator Alan Hays, who sponsored the bill, said that while the latest bill is no “magic-bullet,” it would bring more latitude to the market. “This is an issue of consumer choice that hopefully leads to a more competitive market”.

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