The Florida Office of Insurance Regulation provides a rate comparison tool on its website for homeowners’ and auto insurance, allowing consumers to view estimated premiums for limited types of properties and policyholders.
Under a bill approved by the Florida Senate Banking and Insurance Committee on Tuesday, that website would have to be beefed up and would be part of a detailed consumer guide that lays out information about policies and insurance companies available in the state, along with “transparency reports” that would show insurer cost factors and profit information.
“This will help increase consumer trust in the insurance market by providing clear, more accessible information on OIR’s website,” said Sen. Bryan Avila, R-Hialeah Gardens, who introduced the measure, Senate Bill 888.
The OIR’s existing web page “is not so descriptive, and I think OIR would say that it could be a little bit better,” Avila said at the committee meeting.
The current site, known as “Choices” on the OIR webpage, under the “Consumer Resources” button, shows premiums for only three general types of homes: one that was built before 2001, with no wind-mitigation measures installed, valued at $150,000; one built before 2001 with wind mitigation work; and a new-construction home valued at $300,000.
The page lists rates from 16 insurance carriers, and appears to be fairly accurate, at least for one carrier’s rates on an existing home in the Florida Panhandle.
Avila’s bill would require the site to include rates from each available insurer operating in the state. The bill also would require insurers to produce rate transparency reports when filing for rate changes, beginning in October. These reports would be provided to potential policyholders and would be available on the OIR site, showing a number of variables that go into the cost of insurance coverage — information that has not been easily accessible to consumers. This would include reinsurance costs, claims costs, legal defense and containment costs, fees and commissions, insurer profits, adverse findings, contact information, and other data points.
