What are the new insurance rate changes in Florida?

Florida has implemented reforms leading to average rate reductions, with Citizens Insurance customers seeing up to an 8.7% decrease statewide and 13.4% in South Florida.

Which insurance companies are lowering rates in Florida?

Citizens Insurance is lowering rates by an average of 8.7% statewide. Peninsula Insurance is reducing homeowners' rates by 8.2%, and State Farm is lowering auto rates by 10%.

Why are Florida insurance rates decreasing?

New reforms enacted in Florida aim to stabilize insurance markets, curb legal abuse, and provide financial relief to policyholders, leading to significant rate reductions.

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Florida Insurance Rates Plummet for Millions

13 Jan

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Summary

Citizens Insurance offers an average statewide rate reduction of 8.7%.
South Florida policyholders will see average rate cuts of 13.4%.
Peninsula and State Farm also announce significant rate reductions.

Florida Insurance Rates Plummet for Millions

Sweeping reforms aimed at stabilizing Florida's insurance markets are now providing tangible relief to policyholders. Citizens Insurance, the state's largest insurer, announced an average statewide rate reduction of 8.7% for its customers.

Homeowners in South Florida are set to benefit the most, with an average reduction of 13.4% on their policies. These measures are designed to curb legal abuse and foster market stability, directly impacting both homeowners and auto insurance policyholders.

Further bolstering these savings, Peninsula Insurance is implementing an 8.2% rate decrease for homeowners, while State Farm is cutting auto insurance premiums by 10%, contributing to a general downward trend in insurance costs across the state.