The Heritage Property and Casualty Insurance Company recently announced that the Florida Office of Insurance Regulation has approved a rate reduction of up to 9.6% for its policyholders in counties across the state.
"This rate decrease is an important change for our Florida policyholders and a sign of our continued commitment to affordable and reliable insurance solutions," Heritage CEO Ernie Garateix said in a release. "The approval of this rate decrease also demonstrates how the reforms Florida has made to its insurance market are paying off. Most importantly, we are putting Floridians first and supporting the communities who rely on us."
According to the release, Heritage Policyholders are expected to see a 3.3% overall decrease on average. The company indicated the reductions were due to improvements in Florida's insurance market following legislative reforms and advocacy efforts, which included efforts to reduce legal costs, cut unnecessary claims activity, and help stabilize the reinsurance market.
Heritage credited the reforms for allowing it to provide "meaningful savings" for Florida policyholders while still allowing it to maintain its financial footing statewide.
The counties include:
- Seminole County: 9.6% reduction
- Osceola County: 7% reduction
- Hillsborough County: up to 6.7% reduction
- Lee County: 6.4% reduction
- Orange County: 6.1% reduction
- Miami-Dade: up to 5%
- Broward: up to 5%
- Palm Beach: up to 5%
Heritage Insurance Holdings, Inc. is a Tampa-based property and casualty insurance holding company dedicated to personal and commercial residential coverage across the Northeast, Southeast, Hawaii, and California through its insurance branches and network of agents. The company's resume includes $1.4 billion in gross premiums, with specializations in hurricane, wildfire, winter storm, and severe convective storm response claims.
"Our team is committed to providing homeowners with the highest-quality property insurance and some of the most competitive rates in Gulf Coast states and California," Heritage details on its website.
You can learn more about Heritage Insurance by going here.
