By Drew Dixon
More than 824,000 Florida homeowners are in line for lower property insurance rates.
Chief Financial Officer Blaise Ingoglia and Insurance Commissioner Mike Yaworsky highlighted a batch of rate decreases that took effect this month. The reductions affect more than 824,000 homeowners, who could see decreases of up to 12.1% on new policies or renewals.
“I am thrilled to highlight more rate decreases for Florida homeowners, with the most recent large batch all being effective for new customers or renewals this October,” Yaworsky said in a news release.
“The Office of Insurance Regulation is working hard to review all of these requests and in some cases, pushing companies for larger decreases if our actuaries determine the companies are capable of doing so. We are not taking the foot off the gas, and plan to announce more rate decreases in the next two months and going into the new year.”
Since January 2024, 48 companies have filed to reduce rates and another 53 have asked for no change, according to the release.
Rate decreases filed in August by American Integrity Insurance Co. and Florida Family Home Insurance Co. are already in effect. American Integrity’s two filings cut rates 0.3% for about 184,000 customers and 12.3% for about 8,900 others, while Florida Family Home’s 8% decrease applies to about 20,700 customers, the news release said.
The Office of Insurance Regulation says another 450,000 Floridians will see reductions taking effect in November, December and January.
“Florida families deserve to pay the lowest rate for the best coverage possible for their homeowners insurance policies,” Ingoglia said.
“These rate decreases are proof positive of the positive changes in Florida’s insurance market since our historic tort reforms. As CFO, I will continue to work with the Office of Insurance Regulation and Florida insurance carriers to continue to bring lower insurance rates to the state for families.”
State officials credit the decreases to legislation Gov. Ron DeSantis signed in March 2023, which eliminated what supporters called risk-free litigation and changed other rules governing lawsuits over insurance claims.
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