Florida Cracks Down on Insurance Rate Hike Loopholes

State regulators enforce transparency to prevent companies from avoiding public scrutiny with sub-15% increases.

Insurance companies have frequently proposed rate hikes just below 15% to bypass public hearings.
Regulators are now holding hearings for any significant rate increase, regardless of the percentage.
The Office of Insurance Regulation aims to enhance accountability and transparency in the rate-setting process.
Recent public hearings have exposed companies' tactics and allowed for detailed questioning of executives.
Some homeowners have experienced cumulative rate increases exceeding 20% due to these practices.