Florida Peninsula Insurance Co., the ninth-largest property insurance carrier in the state with some 189,000 policies in force, announced it had filed for some of the largest rate decreases since landmark legislative changes were enacted two years ago.
The Sarasota-based carrier filed in July for an 8.4% statewide average decrease for homeowners’ policies and a 12% average decrease for condominium owners. Most of the filings were redacted due to trade secrets, but the company said that policyholders would see premium decreases upon renewals later this year and early in 2026.
As lawmakers and insurance industry advocates had hoped, the rate cuts were made possible by 2022 and 2023 Florida legislation that eliminated assignments of benefit agreements and one-way attorney fees, leadership said.
“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,” company President Clint Strauch said in a statement.
The rate reductions, likely to be approved by Florida regulators, will effectively balance out the rate increases for personal residential policies Florida Peninsula secured in recent years. Quarterly data from the state Office of Insurance Regulation show that the carrier’s average annual premium for residential properties was about $4,150 in the first quarter of this year, up about 11% from late 2022. Florida Peninsula does not offer commercial residential or condominium association coverage.
Florida Peninsula’s sister company, Edison saw its average premium rise about 21% in the 2022 to 2024 time frame. The two carriers and a third affiliate, Ovation Home Insurance Exchange, together have some 350,200 policies in force in Florida.
Altogether, 46 Florida property insurers have filed for relatively small rate decreases or non-increases in the last two years, OIR has reported. One insurer, Trusted Resource Underwriters Exchange, known as True, in late July was approved for a 31.5% average rate increase for homeowner policies.
That was needed, the company said, because it had few policies before 2023, had missed required annual filings in recent years, and is now playing “catch-up” on rate adequacy. TRUE held about 18,250 policies in Q1 this year.
Topics Florida
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