Chief Financial Officer (CFO) Blaise Ingoglia and Florida Insurance Commissioner Mike Yaworsky have announced that 824,000 state homeowners will see insurance rate decreases as much as 12.1%.
According to the Office of Insurance Regulation (OIR), the reductions will apply to new polices and renewals from major insurance companies effective in October. Additionally, 48 companies have filed for a rate reduction while 53 have requested no change or 0% increase since January 2024.
"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.”
Commissioner Yaworsky noted an additional 450,000 Floridians will receive reductions after receiving multiple decrease requests that will go into effect in November, December, and January. OIR also received decrease filings from American Integrity Insurance Company and Florida Family Home Insurance Company in August that are already in effect.
They include a -0.3% decrease for 184k consumers and -12.3% decrease for 8.9k consumers from American Integrity and a -8% decrease for 20.7k consumers from Family Home.
“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. "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.”
More information on Florida's insurance market can be found here.
