9 Florida insurance companies reducing rates in 2024

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TAMPA, Fla. (WFLA) — The Florida Office of Insurance Regulation (OIR) is highlighting a slight downward trend for property insurance rate filings, claiming it is a sign that Florida's housing insurance issues are improving.

Ten companies filed a 0% increase in 2024, and nine companies filed for a decreased rate this year, the OIR reported last week.

The nine companies that have filed for a rate reduction in 2024 are:

* 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

In addition, the 10 companies that filed a 0% increase in 2024 are:

* 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

"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.

The OIR said it is continuing to see market stabilization due to legislative reform in 2022 and 2023.

One of the bills the OIR highlighted was House Bill 1611, which put more regulator oversights in place.

Among those oversights, insurers are prohibited from canceling policies due to hurricane damage within 90 days after the property has been repaired and requiring justification if a certain model is used in a rate filing to ensure the rate is fair, the OIR said.

A full list of market regulation actions can be found here. The full OIR market update can be found here.