USAA’s 200,000 Florida residential insurance policyholders won’t get hit with a rate increase as high as the company wanted after state regulators rejected its request for an average statewide hike of 40 percent.

The Office of Insurance Regulation’s denial said the company failed to provide enough evidence to support the losses it said it could expect and didn’t justify the profits it was seeking.

“During the public hearing we heard from many policyholders whose household budgets are extremely strained by rising property insurance premiums,” said Insurance Commissioner Kevin McCarty, in a statement. “If we are asked to approve even higher rates, we must demand that the request is fully justified, and that is just not the case with this filing.

The question to ask at this point is where were these regulators for the past 3 or more years. Is the Governor putting pressure on the OIR to not allow increases so that the Republicans campaigning will have a better chance? We will have to see if there are any request after the election and see the results.