Florida Peninsula Insurance Proposes Historic Rate Decrease for Homeowners and Condo Owners
Florida Peninsula Insurance Company has filed for a significant decrease in homeowner and condo insurance premiums, marking the largest rate reduction in its history, thanks to recent legislative reforms.
Florida Peninsula Insurance Company, a leading provider in the state, has announced a proposed statewide average decrease of 8.4% for homeowner’s premiums, with condo owners seeing an even more substantial average decrease of 12%. This move, pending approval by the Florida Office of Insurance Regulation (OIR), could see policyholders benefiting from lower premiums as early as late this year or by 2026. The proposed rate filing is a direct result of successful legislative reforms aimed at stabilizing the insurance market in Florida.
Dulce Suarez-Resnick of Acentria Insurance highlighted the significance of this proposal, stating it represents one of the most substantial decreases by any Florida-based insurance company. This development is particularly noteworthy given the context of rising insurance costs in recent years, driven by inflation, litigation, and increasing reinsurance expenses. The legislative reforms, including SB 2A (2022) and HB 837 (2023), have played a pivotal role in curbing the abuse of assignment of benefit (AOB) agreements and limiting frivolous lawsuits, thereby allowing insurers like Florida Peninsula to pass on savings to their customers.
Clint Strauch, President of Florida Peninsula Insurance, emphasized how these reforms have addressed the root causes of premium increases, enabling the company to propose such a significant rate reduction. Florida Peninsula, along with its sister companies Edison Insurance Company and Ovation Home Insurance Exchange, stands as one of the largest homeowner’s insurance groups in the state, committed to providing affordable and reliable coverage. For more information, visit https://www.floridapeninsula.com/.