"This Is Only The Beginning!" Warns Florida Lawmaker As Insurance Industry Begins To Jack Up Rates On Homeowner Policies

In West Palm Beach, Florida, The Palm Beach Post reports:

• Brace yourself before you open your next home insurance bill. When Paul Hobson received his State Farm Florida renewal this month, he was shocked to find the annual premium to insure his 2,200-square-foot house had increased to $2,715 from $1,092.



• "That's a 152 percent increase. I called to make sure the figure was right," Hobson said. "Did the end of the world happen or something?" The State Farm office he called in Jupiter assured him the amount for his St. Lucie West home was correct and due in August.



• In April, regulators granted State Farm an average 18.8 percent rate increase, but as Hobson discovered, those averages mean little because there is no cap. Some homeowners are being hit with huge increases.



• "This is only the beginning. The rates are being approved quicker and easier on behalf of the insurance industry. It's quite sad," said state Sen. Mike Fasano, R-New Port Richey, who has been an advocate for consumers on insurance. "We have a governor now who is sympathetic to the insurance industry."

For more, see Uptick in homeowners insurance rates 'only the beginning'.