Property Insurance Rates to Rise Again

Remember the much ballyhooed special legislative session to lower insurance premiums for homeowners?  Well it looks like the reduction will be short lived.  Five insurance companies last week submitted requests to state insurance officials for premium  increases from a statewide average of 14.9 percent to 41.9 percent. Now as I recall we did not get hit with any major storm in Florida last year.  With the absence of insurance claims for hurricane damages, why are rates going up again?  Insurance companies are eager to accept higher and higher premiums but when there are insurance claims will they be so quick to pay the claims?