Positive News on Florida’s Property Insurance
Homeowners in every state have always dealt with home insurance policies, but Florida especially has been tackling costs and insurers for a long time. The good news is that new programs and insurance are rising to help businesses and homeowners thrive.
A new hurricane reinsurance program, the Florida Optional Reinsurance Assistance (FORA), has been introduced. It allows insurance companies to purchase reinsurance at more favorable rates, aiding in stabilizing the high cost of homeowners' insurance. Currently, 12 companies have filed for a rate decrease to take effect this year, covering 1.8 million policies in Florida. As of Q1 this year, the Florida Property Insurance Corporation has 7.43 million residential insurance policies.
In addition, several carriers in the state, such as Trident Reciprocal Exchange, national carrier Progressive, AAA, Kin Insurance Technology Hub LLC, and State Farm, are trying to provide homeowners with better rates on property insurance. Following the approval of Trident as a new property insurance carrier by the Florida Office of Insurance Regulation (FLOIR), Commissioner Michael Yaworskly has engaged with these various insurance company executives to explore further opportunities for homeowners and possible business expansions.
State Farm has also discussed expanding on opportunities to help more property businesses in Florida, while Progressive stated they are committed to helping homeowners and their businesses in Florida’s market. These companies, including Progressive, worked with Insurance Commissioner Michael Yaworsky to discuss their commitment to investing in Florida. Yaworsky highlighted that this collaboration is a testament to the strengthening of Florida's property insurance market. Additionally, the Office of Insurance Regulation(OIR) reported a positive development, with an increase in policies being removed from state insurance. They disclosed the 180-day average request for homeowners' rates as of August 1st.
These companies help homeowners by offering better rates. OIR states that they will continue to work with Florida-based and national carriers to recruit and retain businesses so all homeowners can benefit. These factors continue to point in a positive direction for the improvement and stability of Florida homeowners.
By BeachesMLS Staff
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Source: Florida Realtors® and Reinsurance News
