Relief: Florida Insurance Company Announces a Statewide 2% Average Reduction in Homeowner Premiums
Inflation in Florida has been crushing us all, so it comes as a very welcome surprise that one Florida insurance company plans to lower their homeowner premiums. As a Southwest Florida homeowner that has seen more than my fair share of hurricanes, Florida insurance only goes up, right? I did not expect this.
The news of a reduction in premiums comes fresh off the heels of an article from Newsweek that alleges “Florida’s Inflation Crisis Is Spiraling out of Control.” In the article they state that Florida’s inflation rate is currently at 3.9%, much higher than the national number of 3.4%. I believe it. I also believe the root causes of Florida’s inflation outpacing the rest of the country is simple. Housing and insurance.
Florida Peninsula Insurance Company announced today a 2% statewide rate reduction for homeowner and condo policies. The updated rates will be implemented for new customers effective on July 15th and for renewals on August 1st. This homeowner’s insurance premium decrease is due in part to the recent legislation changes as well as Florida Peninsula Insurance’s analyst team, which has identified opportunities where additional savings can be passed on to the insureds making this the right time for a rate reduction.
“We are happy to be able to offer this reduction to Florida residents. The industry is showing indications of stabilization thanks to the hard work of our state legislators,” said Clint Strauch, President of Florida Peninsula Insurance.
Why this Florida insurance statement means a lot.
Let’s take this for what it is. Sure, if you’re currently paying $4,000 a year for your homeowner premium this will save you around $80. The big picture? They don’t plan on raising rates again this year.
I have Florida Peninsula Insurance on my home in Southwest Florida, and it renews this fall. Now, instead of bracing myself for huge increases like I did last year, I can look forward to a decrease. Also, the flood maps have been redrawn and I’m no longer in Flood Zone AE. Because my bank handles my insurance payments, my mortgage may actually go down next year. (!!!)
*I mentioned that I have a homeowners policy from Florida Peninsula only in full disclosure. I do not endorse their company, nor do I receive any special discounts. Actually, I’m hoping that other Florida insurance companies will make similar announcements, soon.
Let’s not forget what we went through less than 2 years ago. Start making plans for this year’s hurricane season.