Recently, a notable shift has emerged in the Florida insurance market as nine property insurance companies have announced plans to decrease their rates. An additional 10 companies have opted to hold their current rates providing a much-needed respite for policyholders. This move comes as a response to increased competition and regulatory pressure to make insurance more affordable for Floridians. These rate reductions are a welcome change for many who have struggled with the state’s historically high premiums. However, not all companies are following suit; however, not all insurers have opted to maintain their current rates, citing concerns over potential risks and financial stability. This divergence in strategy highlights the varied approaches within the industry as companies balance customer satisfaction with fiscal prudence. For consumers, it offers an opportunity to shop around and potentially secure better deals, fostering a more competitive and dynamic insurance marketplace in Florida.
The nine companies that have filed for a rate reduction in 2024 are:
- Safe Harbor Insurance Company
- Spinnaker Insurance Company
- Southern Oak Insurance Company
- American National Property & Casualty Company
- Heritage Property & Casualty Insurance Company
- US Coastal Property & Casualty
- Florida Peninsula Insurance Company
- Stillwater Property and Casualty Insurance Company
- American Integrity Insurance Company of Florida
In addition, the 10 companies that filed a 0% increase in 2024 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
“As insurance commissioner, my top priority has been increasing protection for Florida’s consumers and today’s announcement demonstrates Governor DeSantis’ ongoing commitment to ensuring a strengthened and reliable insurance market for policyholders,” said Insurance Commissioner Michael Yaworsky.
The OIR said it is continuing to see market stabilization due to legislative reform in 2022 and 2023.