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Florida Proposes Big Praetorian Insurance Rate Cut

Source: AP

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Posted on 13 Aug 2012 by Neilson

Florida homeownersPraetorian Insurance Co. is facing up to a 36 percent rate reduction for Florida homeowners.

Florida Insurance Commissioner Kevin McCarty on Friday announced his intent to disapprove a company proposal for a 2.2 percent decrease.

McCarty said his Office of Insurance Regulation has demonstrated a reduction of 35 percent or 36 percent is required.

The Consumer Federation of America says Praetorian sold more than $430 million in what's known as forced placement coverage last year in Florida last year as Balboa Insurance Co. and QBE Specialty Insurance Co. The group had advocated for at least a 44 percent reduction.

Forced placement insurance is imposed by lending institutions on the property of borrowers who fail to keep fire insurance in force.

The company can request a hearing on McCarty's decision.

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Koedred  Aug 20 2012 1:27PM Report Abuse
ok, so let me get this straight? The Florida state owned insurance company "Citizens" is currently raising rates by "reinspection" by 10 to more than 100% in some cases, but Preatorian has to lower theirs??? What?????
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