Florida home insurance company proposes 'significant premium decrease' for policyholders

Related video: Condo reform bill signed into law, but insurance issues remain

TAMPA, Fla. (WFLA) — A Florida home insurance company announced Thursday that it has proposed a "significant premium decrease" for its policyholders.

Florida Peninsula Insurance Company, one of the state's largest homeowner insurance groups, said it recently filed with the Florida Office of Insurance Regulation (OIR) and proposed a statewide average decrease of 8.4% for homeowner's premiums, including an average 12% decrease for condo owners.

If it is approved, the company said most policyholders will see a significant premium decrease later this year or in early 2026.

"The legislative reforms have contributed to a measurable drop in frivolous lawsuits and inflated claims, providing us the ability to pass on the savings from the law's changes to our policyholders. This rate reduction shows that the legislative reforms have successfully addressed the root cause of increasing insurance premiums in Florida," said Clint Strauch, President of Florida Peninsula Insurance.

Florida Peninsula Insurance Company said this would mark the largest rate reduction in the company's 20-year history.

"This rate decrease is one of the most substantial proposed decreases by any Florida-based insurance company," Dulce Suarez-Resnick with Acentria Insurance said. These new rates will bring meaningful premium savings to tens of thousands of Florida households. I'm proud to represent a company that is leading the way toward a brighter future for Florida homeowners."

Florida Peninsula Insurance also includes sister companies Edison Insurance Company and Ovation Home Insurance Exchange.