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Edison Insurance seeks average 9.8% Florida rate cut
Edison says the reduction began affecting customers with policies renewing July 15, as multiple carriers file statewide decreases after Florida tort reforms.
Edison Insurance Company, one of the largest homeowners and condominium insurers in Florida, has filed for a statewide rate decrease averaging 9.8%, saying the change is intended to lower premiums for most Florida home and condo policyholders.
The insurer said the impact started with policies renewing on July 15, and that subsequent renewals would reflect the lower rates. Edison CEO Paul Adkins attributed the cuts to positive changes in Florida’s insurance marketplace and the benefits of legislative reforms.
Edison linked the filing to Florida’s 2022 and 2023 tort reforms, which eliminated one-way attorney fees and restricted assignment of benefits abuse aimed at reducing litigation costs for insurers.
The filing comes alongside other carrier actions, with Citizens Property Insurance cutting its policy count to about 336,000 and implementing an average 2.6% personal lines rate decrease this year, and other private carriers including Security First Insurance and State Farm filing for reductions ranging from roughly 3% to more than 10%, according to Insurance Business. Edison also noted that individual premium impacts will vary based on factors such as property location, roof age, construction, wind mitigation features, claims history, and deductibles and discounts.