FLORIDA — On Monday, the Florida Office of Insurance Regulation said eight companies have filed or will file to reduce their property insurance rates in 2024, a sign that Florida's property insurance market is stabilizing and strengthening.
“As Insurance Commissioner, my top priority has been increasing protection for Florida’s consumers and today’s announcement demonstrates Governor DeSantis’ ongoing commitment to ensuring a strengthened and reliable insurance market for policyholders,” said Insurance Commissioner Michael Yaworsky.
According to the release, rate filings for 2024 show a slight trend downward for the first time in years, with 10 companies filing for a zero-percent increase and "at least" eight companies filing a rate decrease to take effect in 2024.
OIR did not release the eight companies that have filed or plan to file for rate decreases in their release.
It comes as Security First announced Friday, for the first time in nearly a decade, they are reducing rates by 5.9% for about 80-90,000 policyholders.
"We feel very good about the future of Florida, we feel very good about the legal environment. We feel very good about the legislative changes that have occurred that have drastically improved the homeowner's insurance market in the State of Florida," said Melissa Devriese, President of Security First. "We're looking to grow and we're looking to add policyholders and we're very excited about all that means for the consumers."
It comes as Jake Holehouse with HH insurance group says he's seeing the market improving in the policies they are writing daily.
"It's great news for homeowners. From talking to other carriers that we meet with on a weekly basis. Many are also expecting a similar rate decrease," said Holehouse. "There's another company of a similar size of Security First and they're filing about an eight and half-percent decrease and another one in the 10% range. And so I think that you are seeing a total shift in the competitive landscape of Florida homeowners insurance."
To read the full market update from the State's Office of Insurance Regulation, click here [lnks.gd].
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