As we reported here, Florida is dealing with several issues concerning its approved rates for property insurance. Last Thursday, several property insurers were subpoenaed by Florida lawmakers to provide testimony before Florida’s Senate Banking and Finance Committee as to why homeowner’s insurance rates in that state have not declined a year after the state’s hurricane insurance pool was doubled. The committee plans to hold a two-day hearing regarding this issue, beginning on February 4th.
Although the subpoenas did not identify any specific insurer, the committee has already made clear that it expects representatives from most large insurers in the state to provide testimony, including State Farm, the largest property insurer in Florida, and Allstate Floridian Insurance Company.
