Florida Peninsula Insurance Proposes Historic Premium Rate Decrease

Florida Peninsula Insurance Company, a leading provider in Florida's homeowner's insurance market, has announced a proposed statewide average decrease of 8.4% for homeowner’s premiums, with condo owners seeing an even more significant average decrease of 12%. This historic rate reduction, the largest in the company's 20-year history, is a direct result of recent legislative reforms aimed at curbing frivolous lawsuits and inflated claims. Dulce Suarez-Resnick of Acentria Insurance highlighted the importance of this development, noting it as one of the most substantial proposed decreases by any Florida-based insurance company, promising meaningful savings for tens of thousands of households. Clint Strauch, President of Florida Peninsula Insurance, credited the legislative reforms for enabling these savings, marking a positive shift in the state's insurance market dynamics.

The reforms, including SB 2A (2022) and HB 837 (2023), have successfully addressed issues like the misuse of assignment of benefit agreements and one-way attorney fee statutes, contributing to a more balanced insurance market. Florida Peninsula Insurance, along with its sister companies Edison Insurance Company and Ovation Home Insurance Exchange, continues to lead in providing affordable and dependable coverage, reinforcing its commitment to protecting Florida homeowners. This proposed rate decrease is a beacon of hope for policyholders who have faced rising premiums due to inflation, litigation, and reinsurance costs in recent years.