Florida-based Universal Property and Casualty Insurance Company (“UPCIC”), a subsidiary of Universal Insurance Holdings Inc., announced that it will not seek a rate increase on its homeowners’ insurance program for the upcoming year.
UPCIC’s homeowners’ insurance program includes policies covering owner-occupied homes, condominium units and rental units. Florida law requires insurance companies to file rates at least once each year on homeowners’ insurance programs.
UPCIC has concluded its rate review for the homeowners’ program based on existing coverages and has informed the Florida Office of Insurance Regulation in a filing Friday that is not seeking any changes from 2004 rate levels. The filing is subject to review and approval by the Office of Insurance Regulation.
“We have seen some upward pressure on rates due to Florida’s hurricane exposure,” said company president Brad Meier. “At the same time, we recognize that the 2004 hurricane season was unprecedented in its effect on all areas of our state. We will continue to carefully consider the rate impact of potentially having several storms in a single season, particularly as it relates to UPCIC’s reinsurance cost projections. However, we believe based on our most recent data that our overall homeowners’ rates are appropriate for the upcoming year.”
UPCIC’s homeowners’ insurance program accounts for approximately 85% of all policies written by the company. “We are pleased such a large number of our policyholders will benefit from this consistency in rates,” said Meier.
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