Florida’s Office of Insurance Regulation this week approved an average 31.5% increase in homeowner rates for Trusted Resource Underwriters Exchange – one of the largest Florida rate hikes in two years – despite questions about irregularities by the company and potential savings produced by legislative reforms.
The approval bucks the recent trend of minor rate cuts in the state in recent months. Florida Insurance Commissioner Michael Yaworsky has touted the rate decreases or non-increases filed by 45 insurers following Senate Bill 2A, the 2022 legislative reforms that have greatly reduced litigation expenses for insurers. The OIR in February went so far as to slash in half a proposed rate increase by Citizens Property Insurance Corp., Florida’s state-created insurer of last resort.
Officials with Ta…