7 years without a hit from a hurricane but Florida's insurance rates keep rising

8:48 AM, May 27, 2013   |    comments
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TALLAHASSEE, Florida (AP) - Florida homeowners enduring years of insurance rate hikes may have a lot riding on this year's hurricane season.

It's been nearly eight years since Hurricane Wilma battered Florida. The state has been spared major storms since then, but insurance rates have still been climbing.

Florida's insurance commissioner Kevin McCarty predicts there's a chance rates may finally stabilize in the next year.

But the crucial factor may be whether or not there any major storms hit the state.

That's because a key factor for insurance rates in the Sunshine State is how much companies outside the state charge them for what is known as "reinsurance." A bad storm season could result in more expensive reinsurance.

Citizens Property Insurance Corporation, however, is expected to ask for rate hikes for 2014.