TALLAHASSEE, Fla. – March 22, 2007 – Gov. Charlie Crist reassured Floridians yesterday that the state would not accept the smaller-than-expected insurance rate cuts announced by most carriers. He made the comments at a Tallahassee political gathering of South Florida political and business leaders.
“You need relief, and we know it and we feel it,” Crist says. “Don’t believe your rates aren’t going to go down as much as we would like. They are. I guarantee it. They’re going to keep going down.”
Florida Insurance Commissioner Kevin McCarty had earlier estimated an average 24 percent drop in insurance rates statewide, but most carriers, notably the larger ones, requested rate drops in the single digits. Florida’s largest, State Farm Florida Insurance Co., requested 7 percent; Allstate Floridian Insurance Co., 14 percent, Nationwide Insurance Co. of Florida, 4.6 percent; and USAA, 3.1 percent.
According to Crist, he met with Insurance Commissioner Kevin McCarty after the insurers filed their rate change requests. “What’s up with the filings? Some of them are minuscule, some of them are 34 percent – which we like – in reductions.” Crist says. “McCarty’s response was, ‘Well, that doesn’t mean we have to accept their nominal reduction, Governor.’ I said, ‘God I love you.’”
Source: 2007 Orlando Sentinel, Anthony Man, March 22, 2007
© 2007 FLORIDA ASSOCIATION OF REALTORS®
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