Every residential property insurer in Florida is filing for at least a 20% increase in rates. 21st gets theirs approved, and somehow its evidence that the company is in bad shape. State Farm asked for 28%+. Does that mean State Farm is worse off than these guys?
Insurers are desperately trying to catch up after years of politically imposed rate caps. Hopefully Governor Scott will follow through and let insurers charge more actuarially sound rates. (I say more because I know purely actuarial rates just won't happen in Florida.)
An average premium increase of approximately 20.0% statewide. But with 52,935 Florida properties receiving foreclosure statements, reversing a two-month trend of fewer defaults than the previous month. Florida Foreclosures Could Increase by 100 Percent in 2012 - eforeclosuremagazine.com