Florida Homeowners See Insurance Premium Cut | Insurance business America
New guidelines reflect positive market changes
Insurance News
By Mav Rodriguez
Heritage Insurance Holdings Inc. has received approval from the Florida Office of Insurance Regulation for a 3.3% rate cut on its Florida homeowners insurance policies (HO3). The adjustment is expected to provide financial relief to policyholders and will apply to both new and renewal policies from August 20, 2024.
The rate reduction is due to recent legislative changes in Florida that eliminated biased attorney fees and reduced other abusive claims practices, resulting in improved loss trends and a stabilized reinsurance market. The changes have allowed Heritage to reduce rates while maintaining stable or improving margins.
According to Ernie Garateix, CEO of Heritage Insurance, the approved rate reduction reflects the company’s commitment to providing affordable insurance solutions.
“The approved rate reduction is a testament to our efforts in effective risk management and strategic underwriting practices, as well as the positive impact of the legislative changes made in the 2022 special session of the Florida Legislature. We are committed to providing our customers with vital home insurance while maintaining the high level of service they have come to expect from us,” said Garateix.
The rate adjustment is consistent with industry trends where improved risk management and favorable loss ratios have resulted in lower costs for insurers and policyholders. It also reflects the company’s strong financial health and ability to adapt efficiently to market conditions, it said.
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2024-05-23 15:44:24
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