2 home insurance companies seek rate hikes over 50% in Florida

Two insurance companies in Florida, Castle Key Insurance and Amica Mutual Insurance, have requested rate hikes of over 50% for specialized policies such as condos and vacation homes. The Florida Office of Insurance Regulation has scheduled hearings on these requests. The rate increases are attributed to higher costs for home repairs and severe weather losses. However, experts do not believe that other insurance companies will follow suit with similar rate hikes.