Florida homeowners are still paying a lot of money to insure their homes, but for the past few months, WESH 2 has reported on some of the promising trends that could help stabilize the home insurance market.RELATED: Will Florida’s high home insurance rates decrease? These signs indicate maybeIn its May report, the Office of Insurance Regulation (OIR) said this was the first time in years that regulators saw a downward trend for rate filings.According to the OIR, the following companies filed for 0% increases: Florida Family Home Insurance Company Florida Farm Bureau General Insurance Company American Bankers Insurance Company of Florida Edison Insurance Company Castle Key Insurance Company Heritage Property & Casualty Insurance Company Castle Key Indemnity Company American Integrity Insurance Company of Florida American Security Insurance Company American Traditions Insurance Company And OIR said these 9 companies filed for rate reductions: Safe Harbor Insurance Company Spinnaker Insurance Company Southern Oak Insurance Company American National Property & Casualty Company Heritage Property & Casualty Insurance Company US Coastal Property & Casualty Florida Peninsula Insurance Company Stillwater Property and Casualty Insurance Company American Integrity Insurance Company of Florida OIR said this apparent stabilization of Florida’s market stems from changes that Gov. Ron DeSantis and state lawmakers have implemented over the last few years. Florida homeowners, however, are still spending the most, on average, to insure their homes compared to other states, but experts say there are ways to save on your premiums until prices come down even further.
ORLANDO, Fla. —
Florida homeowners are still paying a lot of money to insure their homes, but for the past few months, WESH 2 has reported on some of the promising trends that could help stabilize the home insurance market.
RELATED: Will Florida’s high home insurance rates decrease? These signs indicate maybe
In its May report, the Office of Insurance Regulation (OIR) said this was the first time in years that regulators saw a downward trend for rate filings.
According to the OIR, the following companies filed for 0% increases:
- Florida Family Home Insurance Company
- Florida Farm Bureau General Insurance Company
- American Bankers Insurance Company of Florida
- Edison Insurance Company
- Castle Key Insurance Company
- Heritage Property & Casualty Insurance Company
- Castle Key Indemnity Company
- American Integrity Insurance Company of Florida
- American Security Insurance Company
- American Traditions Insurance Company
And OIR said these 9 companies filed for rate reductions:
- Safe Harbor Insurance Company
- Spinnaker Insurance Company
- Southern Oak Insurance Company
- American National Property & Casualty Company
- Heritage Property & Casualty Insurance Company
- US Coastal Property & Casualty
- Florida Peninsula Insurance Company
- Stillwater Property and Casualty Insurance Company
- American Integrity Insurance Company of Florida
OIR said this apparent stabilization of Florida’s market stems from changes that Gov. Ron DeSantis and state lawmakers have implemented over the last few years.
Florida homeowners, however, are still spending the most, on average, to insure their homes compared to other states, but experts say there are ways to save on your premiums until prices come down even further.
