Yet another Florida insurance company is asking the state to hike their rates.
At a public rate hearing held Wednesday, Cypress Property & Casualty Insurance Company of Jacksonville requested a rate increase from the Office of Insurance Regulation, citing rising costs of re-insurance, essentially insurance for insurance companies.
"We do understand it's difficult," said Enda McDonnell, Co-CEO of Cypress Property. "Unfortunately, we have little to no control over the cost of property insurance."
The company is asking for an increase of 18.7% statewide for 13,558 policies.
Broken down, it includes an 18.1% increase for single-family homeowners, an average of about $550 a year more on a $3,000 policy.
For condo owners, Cypress P&C is requesting a 20.3% increase, about $250 on an average $1,200 policy.
According to a newsletter released by former Deputy Insurance Commissioner Lisa Miller, "the use-and-file submission request will be for new and renewal business effective September 9, 2023." Meaning those rate increases have already been rolled out to customers.
"The insurance company is reflecting the cost of re-insurance," Miller said. "Forty cents of every dollar that we as Floridians spend on our property insurance goes to pay for re-insurance."
April 2024 Cypress Rate Hearing Agenda by ABC Action News on Scribd
This latest request comes after recent hearings for increases by Amica Mutual, Castle Key, and American Traditions.
