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Florida Insurers Approved for Rate Decrease

Florida Insurers Approved for Rate Decrease

Great news for Florida homeowners! As the state grapples with the highest property insurance rates in the nation, a wave of relief is on the horizon. The Office of Insurance Regulation has given the green light for several insurance companies to lower their rates, bringing much-needed financial reprieve to homeowners.

Approved Rate Decreases

Three major insurance companies have recently had their requests for rate decreases approved:

  1. American National Property and Casualty: Homeowners insured with this company will see a 3.3% reduction in their rates.
  2. Safe Harbor Insurance: This insurer is set to decrease rates by 1.5%, with an additional 11.5% reduction currently filed and awaiting approval.
  3. Florida Peninsula: Customers will benefit from a 2% decrease in their insurance rates.

More Companies Filing for Decreases

In addition to the approved decreases, six other insurance companies have filed for rate reductions in 2024. These companies are:

  • Spinnaker Insurance Company
  • Southern Oak Insurance Company
  • Heritage Property & Casualty Insurance Company
  • US Coastal Property & Casualty
  • Stillwater Property and Casualty Insurance Company
  • American Integrity Insurance Company of Florida

Rate Stability for 2024

Moreover, ten companies have committed to maintaining their current rates without any increases in 2024. This move is expected to provide additional stability and predictability for homeowners budgeting their expenses. The companies that have filed for no increase are:

  • Florida Family Home Insurance Company
  • Florida Farm Bureau General Insurance Company
  • American Bankers Insurance Company of Florida
  • Edison Insurance Company
  • Castle Key Insurance Company
  • Heritage Property & Casualty Insurance Company
  • Castle Key Indemnity Company
  • American Integrity Insurance Company of Florida
  • American Security Insurance Company
  • American Traditions Insurance Company

This series of rate decreases and commitments to stable pricing is a positive development for Florida homeowners, promising some financial relief and easing the burden of the nation's highest property insurance rates. Keep an eye on your insurance provider's communications for more details on how these changes might benefit you.

Stay Informed

As we navigate the evolving landscape of property insurance in Florida, staying informed is key. Be sure to review any correspondence from your insurance company regarding rate changes and consult with your insurance agent to understand how these adjustments may impact your coverage and finances.

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