Florida’s Office of Insurance Regulation is reporting that 19 insurance companies in the state are either seeking a rate decrease or no increase for 2024.
The filings are an indication, state leaders say, of an insurance market making positive strides after years of turmoil with huge rate hikes and cancellations for many policyholders.
In that time, Citizens Property Insurance, the state-backed insurer of last resort, has swelled with more than a million policies, increasing the state’s financial exposure and potentially putting most Florida residents on the hook to bail it out in the event of a catastrophic storm.
The OIR told WFLX that nine insurance companies have filed for rate reductions. They are:
- Safe Harbor Insurance Co.
- Spinnaker Insurance Co.
- Southern Oak Insurance Co.
- American National Property & Casualty Co.
- Heritage Property & Casualty Co.
- US Coastal Property & Casualty
- Florida Peninsula Insurance Co.
- Stillwater Property & Casualty Co.
- American Integrity Insurance Co. of Florida
The OIR told WFLX that 10 insurance companies have filed 0% rate increases. They are:
- Florida Family Home Insurance Co.
- Florida Farm Bureau General Insurance Co.
- American Bankers Insurance Co. of Florida
- Edison Insurance Co.
- Castle Key Insurance Co.
- Heritage Property & Casualty Insurance Co.
- Castle Key Indemnity Co.
- American Integrity Insurance Co. of Florida
- American Security Insurance Co.
- American Traditions Insurance Co.
If you have a question or comment on homeowners’ insurance, email me at matt.sczesny@wptv.com.
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.