OIR: Praetorian Insurance Rate Decrease to Save Consumers $98 Million
The Florida Office of Insurance Regulation announced Monday its approval of an 18.8 percent statewide rate decrease for Praetorian Insurance Co.s collateral protection program.
This rate filing impacts 126,336 policies representing a premium volume of $521 million and results in a decrease to consumers of $98 million, according to the state office.
The insurance, called force-placed, typically is imposed on individuals who had failed to secure homeowners insurance as required by mortgage and other lenders.
The rate change was part of the merger of Balboa Insurance Co. and QBE Specialty Insurance Co. into Praetorian last May.
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