Florida Homeowners Insurance Rates Rising

Florida Insurance companies pretty much formed a queue in Tallahassee this year, rate requests in hand.

And, according to Newton’s Third Law of Rate Increases, certain neighborhoods in South Florida often had to swallow triple or quadruple what other areas did.

Take State Farm Florida Insurance Co.: average statewide increase of 8.6 percent; parts of Palm Beach and Broward counties, up to 40 percent.

The insurance company of last resort, Citizens Property Insurance Corp., delivered some grim tidings in time for the holidays.

Hurt by the storms of 2005, Citizens wants to raise wind-only premiums as much as 67 percent in Broward.

At this pace, it seems that the building material of the year for 2008 will be reinforced concrete.

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