Florida Peninsula Insurance, one of Florida’s largest private insurers, is proposing to lower its premiums, offering potential savings for thousands of homeowners and condo owners. The company aims to reduce home insurance rates by 8%, which could save homeowners paying an average of $4,000 annually about $320. Condo owners could see a 12% decrease, translating to a $180 savings for those paying $1,500 a year.Retiree William Iannone, who has lived in Fort Myers for five years, expressed surprise at the news.”I’ve lived here for five years, and the rates went up each year,” Iannone said. He noted that his salary isn’t keeping up with rising costs, saying, “I look at my income, stays the same. Look at the insurance and other factors, they’re going up.”Iannone hopes the rate decrease will attract more customers to Florida Peninsula. “Yes. Maybe more people will go to that company,” he said.Insurance agent Doug Nellans from The Insurancenter described the move as “incredibly unusual,” noting that insurers typically wait until after hurricane season to adjust rates. Nellans believes competition will drive other companies to follow Florida Peninsula’s lead. “Certainly, competition is going to dictate that other companies follow suit. So this is absolutely good news across the board,” he said. However, the announcement comes after the state’s largest insurer, state-run Citizens, earlier announced it was raising rates. Nellans said that may be necessary to ensure solvency. He emphasized that Florida Peninsula’s decision during hurricane season shows confidence in the move.”The fact that Florida Peninsula is making this move at the height of hurricane season demonstrates an exceptional degree of confidence in this move, that there are greater times ahead,” Nellans said.Homeowners like Iannone have been waiting for relief from rising insurance costs. “The end result is, we’re paying less for the same coverage, I hope,” Iannone said. The proposed rate drop now awaits state approval.DOWNLOAD the free Gulf Coast News app for your latest news and alerts on breaking news, weather, sports, entertainment, and more on your phone or tablet. And check out the Very Local Gulf Coast app to stream news, entertainment and original programming on your TV.
Florida Peninsula Insurance, one of Florida’s largest private insurers, is proposing to lower its premiums, offering potential savings for thousands of homeowners and condo owners.
The company aims to reduce home insurance rates by 8%, which could save homeowners paying an average of $4,000 annually about $320. Condo owners could see a 12% decrease, translating to a $180 savings for those paying $1,500 a year.
Retiree William Iannone, who has lived in Fort Myers for five years, expressed surprise at the news.
“I’ve lived here for five years, and the rates went up each year,” Iannone said. He noted that his salary isn’t keeping up with rising costs, saying, “I look at my income, stays the same. Look at the insurance and other factors, they’re going up.”
Iannone hopes the rate decrease will attract more customers to Florida Peninsula. “Yes. Maybe more people will go to that company,” he said.
Insurance agent Doug Nellans from The Insurancenter described the move as “incredibly unusual,” noting that insurers typically wait until after hurricane season to adjust rates. Nellans believes competition will drive other companies to follow Florida Peninsula’s lead.
“Certainly, competition is going to dictate that other companies follow suit. So this is absolutely good news across the board,” he said.
However, the announcement comes after the state’s largest insurer, state-run Citizens, earlier announced it was raising rates. Nellans said that may be necessary to ensure solvency.
He emphasized that Florida Peninsula’s decision during hurricane season shows confidence in the move.
“The fact that Florida Peninsula is making this move at the height of hurricane season demonstrates an exceptional degree of confidence in this move, that there are greater times ahead,” Nellans said.
Homeowners like Iannone have been waiting for relief from rising insurance costs.
“The end result is, we’re paying less for the same coverage, I hope,” Iannone said.
The proposed rate drop now awaits state approval.
DOWNLOAD the free Gulf Coast News app for your latest news and alerts on breaking news, weather, sports, entertainment, and more on your phone or tablet. And check out the Very Local Gulf Coast app to stream news, entertainment and original programming on your TV.
Clinton Mora is a reporter for Trending Insurance News. He has previously worked for the Forbes. As a contributor to Trending Insurance News, Clinton covers emerging a wide range of property and casualty insurance related stories.