For the first time since 2021 when United Property and Casualty Insurance stopped writing new policies in Florida and asked for a 14.7% rate increase, some homeowners may finally get relief.
Eight insurance companies have requested rate decreases this year.
Florida’s former Deputy Insurance Commissioner Lisa Miller says the rate decreases are happening for a number of reasons, including work in Florida’s Legislator to cut down on litigation claims against insurance companies.
That fact has helped to lower the cost of reinsurance, what insurance companies buy to insure themselves in the event of a catastrophic event.
Miller also says the My Safe Florida Home program has helped Floridians make their homes more storm resilient, something insurance companies also take into consideration.
“More of our consumers are strengthening their homes, and when there is a collective of us across the state that make our homes more resilient, I think insurance companies look at that in terms of their total book of business,” Miller said. “It can have a very positive effect on how they charge their rates.”
Florida is expanding its My Safe Florida Home program that is set for a relaunch on July 1.
The program will make seniors a priority this summer for projects like new roofs and windows, but any Floridian can apply for assistance.