Most South Florida customers of Heritage Property & Casualty Insurance Co. will pay 15 percent average rate increases to renew their policies beginning Dec. 1, if state regulators approve.
Heritage, the third-largest insurer in South Florida with 96,139 personal residential policies at the end of March, this month filed for approval to increase rates an average 9.9 percent statewide to insure houses and condos transferred from state-run Citizens Property Insurance Corp. Roughly 75 percent of all Heritage policies were assumed through efforts to depopulate Citizens. Rates for single-family homes would increase an average 15 percent in all South Florida territories except the Hialeah and Miami sections of Miami-Dade County, according to the Sept. 9 filing with the Florida Office of Insurance Regulation. In Hialeah, the increase would average 8.4 percent and in Miami, 11 percent.