TAMPA, Fla. (WFLA) — The Florida Office of Insurance Regulation (OIR) is highlighting a slight downward trend in property and casualty insurance rate filings, claiming it is a sign that Florida’s home insurance problems are improving.
“Realistically, you’re going to see a few dollar reductions here and there,” said Ron Assis, an insurance broker with Horton Group.
Ten companies applied for a 0% increase in 2024 and nine applied for a reduction this year, OIR reported last week.
“Even though the industry did significantly better last year, we still had losses,” Ashes said. “The losses were much lower than in 2021 and 2022. That’s why there is stability in the market now.”
But some homeowners are cautiously optimistic about the market changing after insurance premiums have skyrocketed in recent years.
“It’s nice to know it’s a possibility,” Winter Haven property owner Tamra Ransom said, “but it seems too good to be true.”
The nine companies that have applied for rate reductions in 2024 are:
- Safe Harbor Insurance Companies
- spinnaker insurance company
- southern oak insurance company
- American National Property and Casualty Company
- Heritage Insurance Company
- US Coastal Property & Casualty Insurance
- Florida Peninsula Insurance Company
- Stillwater Insurance Company
- American Integrity Insurance Company of Florida
Additionally, the 10 companies that filed for a 0% increase in 2024 are:
- Florida Family Home Insurance Company
- Florida Farm Bureau Casualty Insurance Company
- American Bankers Insurance Company of Florida
- Edison Insurance Company
- Castle Quay Insurance Company
- Heritage Insurance Company
- Castle Key Compensation Company
- American Integrity Insurance Company of Florida
- American Security Insurance Company
- American Traditions Insurance Company
“As Insurance Commissioner, my top priority is to strengthen consumer protection in Florida, and today’s announcement will ensure an enhanced and reliable insurance marketplace for policyholders,” said Insurance Commissioner Michael Jaworski. “This demonstrates Governor DeSantis’ continued commitment to this.”
OIR said the market will continue to stabilize due to legal changes in 2022 and 2023.
“When you talk to the average citizen, they haven’t felt their rates have gone down,” said Rep. Gervonte Edmonds (D-West Palm Beach), “but there are a lot of good initiatives that we’ve come up with and implemented.”
One of the bills OIR highlighted was House Bill 1611, which would increase regulatory oversight.
“We also provided a tax abatement this year that will reduce homeowners’ bills by about $75 when they file their taxes, which is very minimal,” Edmonds said. “We are hopeful that the combined efforts we’ve put in place from 2022 through to now will result in a reduction in residents’ bills.”
Among those oversights, OIR said insurers are prohibited from canceling policies due to hurricane damage within 90 days of the property being repaired, and a justification is required if certain models are used in rate filings to ensure rate fairness.
A full list of market regulation measures can be found here. Full OIR market updates can be found here.
