Commissioner Mike Yaworsky and Chief Financial Officer Blaise Ingoglia Highlight Major Rate Decreases for Homeowners Effective This Month

TALLAHASSEE, Fla.-Florida Insurance Commissioner Mike Yaworsky and Chief Financial Officer Blaise Ingoglia are highlighting multiple rate decrease requests from major insurance companies that became effective in October. This month, over 824,300 Florida homeowners will receive rate decreases in their new policies or renewals- including decreases up to -12.1%. Since January 2024, 48 companies have filed for a rate decrease, and 53 companies have requested no change or 0% increase.

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Commissioner Mike Yaworsky said, "I am thrilled to highlight more rate decreases for Florida homeowners, with the most recent large batch all being effective for new customers or renewals this October. The Office of Insurance Regulation is working hard to review all of these requests and in some cases, pushing companies for larger decreases if our actuaries determine the companies are capable of doing so. We are not taking the foot off the gas, and plan to announce more rate decreases in the next two months and going into the new year." <_o3a_p>

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Chief Financial Officer Blaise Ingoglia said, "Florida families deserve to pay the lowest rate for the best coverage possible for their homeowners insurance policies. These rate decreases are proof positive of the positive changes in Florida's insurance market since our historic tort reforms. As CFO, I will continue to work with the Office of Insurance Regulation and Florida insurance carriers to continue to bring lower insurance rates to the state for families."<_o3a_p>

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Commissioner Yaworsky is highlighting the following rate decrease requests:'

OIR also has multiple rate decrease requests pending that will go into effect in November, December and January and will continue to update consumers. This includes an additional 450,000 Floridians that will receive rate decreases.<_o3a_p>

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OIR also received substantial rate decrease filings in August that are already in effect from American Integrity Insurance Company and Florida Family Home Insurance Company. American Integrity filed two requests, including an -0.3% decrease for 184k consumers and -12.3% decrease for 8.9k consumers. Florida Family Home filed an -8 decrease for 20.7k consumers.<_o3a_p>

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For highlights on Florida's insurance market, click here. <_o3a_p>