State’s largest insurer withdraws requested 8 percent rate-hike for South Florida

South Florida customers of the state’s largest home insurer earned a reprieve this week from looming rate hikes. Universal Property & Casualty, headquartered in Fort Lauderdale, has withdrawn a request for an 8.1 percent average rate hike throughout the tri-county region after state regulators questioned whether it was “unfairly discriminatory.”

The withdrawal comes a month after another of the state's largest insurers, Heritage Property & Casualty, withdrew a request to boost rates an average of 14.9 percent statewide — and up to 25 percent in parts of South Florida — amid questions from state regulators.

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This story was originally published August 11, 2016 at 8:41 PM with the headline "State’s largest insurer withdraws requested 8 percent rate-hike for South Florida."