Florida homeowners are still paying too much to insure their homes, but over the past few months, WESH 2 has reported on some encouraging trends that could help stabilize the home insurance market. In a May report, the Office of Insurance Regulation (OIR) said this is the first time in several years that regulators have seen a downward trend in rate applications. According to the OIR, the following companies applied for a 0% rate increase:Florida Family Home Insurance CompanyFlorida Farm Bureau General Insurance CompanyAmerican Bankers Insurance Company of FloridaEdison Insurance CompanyCastle Key Insurance CompanyHeritage Property & Casualty Insurance CompanyCastle Key Indemnity CompanyAmerican Integrity Insurance Company of FloridaAmerican Security Insurance CompanyAmerican Traditions Insurance CompanyAnd the OIR said the following nine companies applied for rate reductions:Safe Harbor Insurance CompanySpinnaker Insurance CompanySouthern Oak Insurance CompanyAmerican National Property & Casualty CompanyHeritage Property & Casualty Insurance CompanyUS Coastal Property & CasualtyFlorida Peninsula Insurance CompanyStillwater Property & Casualty Insurance CompanyAmerican Integrity Insurance Company of FloridaOIR said this apparent stabilization of Florida’s market is a reflection of the efforts Gov. Ron DeSantis and state lawmakers have made to implement these regulations over the past few years. But Florida homeowners still spend the most on average on home insurance compared to other states, but experts say there are ways to save on premiums until prices drop further.
Florida homeowners are still paying too much for home insurance, but in recent months, WESH 2 has reported on some promising trends that could help stabilize the home insurance market.
The Office of Insurance Regulation (OIR) said in a May report that this is the first time in several years that regulators have seen a downward trend in the number of rate applications.
According to the OIR, The following companies applied for a 0% increase:
- Florida Family Home Insurance Company
- Florida Farm Bureau General Insurance Company
- American Bankers Insurance Company Florida
- Edison Insurance Company
- Castle Quay Insurance Company
- Heritage Property and Casualty Insurance Company
- Castle Key Compensation Company
- American Integrity Insurance Company of Florida
- American Security Insurance Company
- American Traditions Insurance Company
According to OIR, the following nine companies have applied for rate reductions:
- Safe Harbor Insurance Companies
- Spinnaker Insurance Company
- Southern Oak Insurance Company
- American National Property and Casualty Company
- Heritage Property and Casualty Insurance Company
- US Coastal Property and Casualty Insurance
- Florida Peninsula Insurance Company
- Stillwater General Insurance Company
- American Integrity Insurance Company of Florida
OIR said this apparent stabilization of Florida’s market is due to reforms implemented by Gov. Ron DeSantis and state lawmakers over the past few years.
But while Florida homeowners spend the most on average on home insurance compared to other states, experts say there are ways to save. Premiums will not increase until prices fall further.
