On Monday, the Florida Office of Insurance Regulation announced that eight insurance companies have filed or will file to reduce their property insurance rates in 2024, indicating that Florida’s property insurance market is stabilizing and strengthening.
“As Insurance Commissioner, my top priority has been increasing protection for Florida’s consumers. 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, 2024 rate filings show a slight downward trend for the first time in years. Ten companies have filed for a zero-percent increase, and “at least” eight companies have filed for a rate decrease effective in 2024. However, OIR did not disclose the names of the eight companies.
This announcement follows Security First’s statement on Friday that, 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, the legal environment, and the legislative changes 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, add policyholders, and are very excited about all that means for consumers.”
Jake Holehouse of HH Insurance Group also noted improvements in the market based on the policies they are writing daily. “It’s great news for homeowners. From talking to other carriers that we meet with weekly, many are also expecting a similar rate decrease,” said Holehouse. “There’s another company of a similar size to Security First filing about an eight-and-a-half percent decrease, and another in the 10% range. I think you are seeing a total shift in the competitive landscape of Florida homeowners insurance.”
