State Homeowner's Insurance Rates Keep Going Up
Increasing homeowner premiums is the industry's short-term solution insurance crisis. Spokesman Sam Miller of the Florida Insurance Council says insurers need help, because they're still recovering.
MILLER: It's an awful situation now, because of eight hurricanes in two years, but things will get better if we get a break from the hurricanes.
Allstate is the latest to ask for a rate hike. In February, the company was allowed increases up to 50 percent. But now, Florida's third-largest insurer wants another 24 percent
That request is being greeted with skepticism.
BUSH: My guess is that an additional rate increase, after a significant rate increase, isn't going to fly.
Gov. Jeb Bush appointed an insurance reform committee to find long-term solutions.
The property and casualty insurance reform committee meets again next week in Tallahassee. It will come to Tampa in October. It's scheduled to produce an interim report as early as November 15.
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