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Fla. Rejects Nationwide Bid For Home Rate Hikes

Mr. McCarty said the primary reason the company cited for the increase was higher reinsurance costs for non-Florida Hurricane Catastrophe Fund reinsurance. He said the Florida Office of Insurance Reg

By Daniel Hays | Updated on October 18, 2006

Florida Insurance Commissioner Kevin McCarty said today he is denying a Nationwide Insurance Company of Florida rate increase request that would hit some homeowners with hikes of up to 400 percent.

The regulator announced that he issued notice of intent to deny Nationwide’s application for an increase in residential property insurance rates by a statewide average of 71.5 percent.

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