Florida Regulators to hold public hearing on TRUE’s proposed 31.5% rate hike

The Florida Office of Insurance Regulation (OIR) will hold a virtual public hearing on Tuesday, June 17, 2025, at 10 a.m. to review a proposed 31.5% rate increase from TRUE for its HO-3 homeowners program. The hearing will include testimony from TRUE and provide an opportunity for public comment. Feedback can also be submitted via email through July 1, 2025.

In February, TRUE filed for the increase with an effective date of April 8, 2025, citing Florida’s annual rate filing requirements. The proposed adjustment includes a 9.4% increase for non-hurricane risks and a 50.8% hike for hurricane-related coverage. While the actuarial indication pointed to a 75.8% overall increase, the company opted for a more moderate 31.5% rate change.

According to the filing, base premiums would rise from $356.69 to $399.16 for non-hurricane coverage and from $583.98 to $895.56 for hurricane coverage. The rate filing includes support from the Verisk Hurricane Model in Touchstone®, reinsurance cost justification, and territory-level premium comparisons. TRUE also referenced trends in litigation and Assignment of Benefits (AOB), but reported limited exposure to these issues in its recent claims history.