For the second time this year, USAA, which insures 280,000 people in Florida, is back asking for an increase in their insurance rates. Earlier this year, USAA had an average rate increase of 8% approved by the state of Florida, but apparently they have decided that that is not enough. They are back again asking for a average rate increase of about 40%.
The company made the request on Friday to the state office of insurance regulation. It would seem that this office needs to do a bit more regulating and less increasing. I have included contact information for the commissioners office if you would like to contact them.
Office of the Commissioner
200 East Gaines Street
Tallahassee, Florida 32399-0305
850-413-3140
I just left called and left my comments. Something needs to be done with this office.
On 4/11/2007, USAA has notified us that they will no longer be able to offer home owner’s insurance to new home purchases in Fla due to Fla Inurance Office refusal to increase rates proportionate to the increased risk. USAA paid out $200 million more that premioums covered in the last hurricane season. I had owned a condo in Boca Raton in the 1990′s and had to sell it due to a health problem. We are now in the process of moving permanantly to the Sarasota area.I have been with USAA since my military duties in the 1960′s and they have been an excellent company. The potential difficulty in obtaining affordable insurance in the Sarasota area(Palmer Ranch) is forcing us to reconsider the transition.The predicted hurricane season for 2007 is worrisome, so the USAA notification may prove to be providential.