Florida insurers approved for rate decrease

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TAMPA, Fla. (WFLA) — One month after a handful of insurance companies filed for decreased rates in 2024, the Office of Insurance Regulation has approved the lower rates for six companies, NBC affiliate WESH reports.

Currently, Florida homeowners pay the highest property insurance rates in the nation, WESH reports, but relief is coming for customers of the six approved insurers.

Three of the approved companies are American National Property and Casualty, Florida Peninsula, and Safe Harbor Insurance, according to WESH.

* American National Property and Casualty is decreasing its rates by 3.3%.

* Safe Harbor Insurance is set to decrease by 1.5%, while they have filed for an additional 11.5%.

* Florida Peninsula will see a 2% rate decrease.

Other companies who have filed for rate decreases in 2024 are:

* Spinnaker Insurance Company

* Southern Oak Insurance Company

* Heritage Property & Casualty Insurance Company

* US Coastal Property & Casualty

* Stillwater Property and Casualty Insurance Company

* American Integrity Insurance Company of Florida

In addition, these 10 companies filed for no increase in 2024:

* 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