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Florida regulator approves homeowners rate cuts for four insurers
Pending filings for rate decreases have climbed to nearly 20%, and the 30-day average requested cut now totals -4.8% versus -1.1% a year ago.
Florida Insurance Commissioner Mike Yaworsky has approved rate decreases for four homeowners insurers, affecting more than 62,000 policies, with the changes taking effect at renewal, according to Insurance Business.
The approved cuts include a 10.4% reduction for One Alliance North America Insurance Company covering 17,148 policies and a 10.4% reduction for Vyrd Insurance Company covering 26,751 policies. Safe Harbor Insurance Company received a 4.1% decrease covering 10,501 policies, and Unique Insurance Company a 3.2% decrease covering 8,266 policies.
The Office of Insurance Regulation said pending rate-decrease requests are approaching nearly 20% and that 48 companies have filed for rate decreases since January 2024, while 53 have requested no change. Pending requests range from 0.3% to 19.7%, and the 30-day average homeowners rate request is -4.8%, compared with -1.1% a year ago.
Yaworsky said he expects more aggressive rate cuts into 2027 and that the regulator will expedite its reviews of rate filings, with the American Property Casualty Insurance Association linking the improvement to tort reforms passed by the Florida Legislature in 2022 and 2023.