More than 824,300 Florida homeowners will pay less for insurance on new policies or renewals in October. The Office of Insurance Regulation (OIR) announced the news on Thursday, Oct. 29.
According to the OIR, the reductions apply to new policies and renewals taking effect in October. The largest cuts reach 12.1%. Among those that lowered rates were Kin Insurance, as well as companies that filed their requests earlier.
The office also pointed to reductions announced in August by American Integrity Insurance Company and Florida Family Home Insurance Company, which are already in effect. According to a tally published by media outlets, they include a 0.3% decrease for about 184,000 customers and a 12.3% decrease for about 8,900 customers.
The OIR has additional rate-reduction requests pending that are set to take effect in November, December and January. By the office’s estimate, about 450,000 more Florida residents will benefit from them.
OIR data show that since January 2024, 48 insurance companies have filed requests to lower rates. Another 53 companies have requested no change in prices.
Insurance Commissioner Mike Yaworsky promised further announcements. In a statement, he said the office is not slowing down and is planning more reductions in the next two months and in the new year. State Chief Financial Officer Blaise Ingoglia linked the reductions to changes in tort law (tort reform) introduced in previous years.
The size of the reduction depends on the company and the type of policy. Homeowners can check with their insurer or agent to see whether the new rate applies at their next renewal.
Source: Florida Politics
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Source: Słoneczne Radio
