Universal Property, Florida’s largest private insurer, to raise rates 14%

Universal Property & Casualty Insurance Co. received approval from the Florida Office of Insurance Regulation to raise homeowners insurance rates an average of 14.1 percent.

The subsidiary of Fort Lauderdale-based Universal Insurance Holdings (NYSE: UVE) is the largest private homeowners insurer in Florida with 552,548 policies as of Sept. 30, according to OIR. Only state-owned Citizens Property Insurance Corp. is bigger.

The rate increase is effective as of Jan. 18 for new business and March 9 for renewal business.

Meanwhile, UPCIC’s dwelling fire insurance program got OIR approval for a 14.5 percent rate increase.

Universal Property & Casualty Insurance Co. is Central Florida's second-largest property and casualty insurance company, with 29,619 local policies in force.

Source: Orlando Business Journal