Why Some Florida Homeowners Could Get Insurance Relief

"Florida Peninsula Insurance, one of the state's major property insurers, is seeking approval for a substantial decrease in insurance premiums for its 170,000 policyholders. This move could bring relief to homeowners facing high premiums due to factors like hurricanes, flooding, reinsurance costs, and litigation. The high insurance costs in Florida, averaging over $5,700 annually for home coverage, have led many homeowners to rely on the state-run insurer Citizens Property Insurance Corp."

"The high insurance costs in Florida, averaging over $5,700 annually for home coverage, have led many homeowners to rely on the state-run insurer Citizens Property Insurance Corp. Legislative reforms and increased competition in the insurance market have contributed to Florida Peninsula Insurance's ability to lower rates and address the root causes of rising premiums. These changes, along with reduced reinsurance costs, are finally resulting in premium reductions and market improvements."

Florida Peninsula Insurance is seeking approval to cut homeowners' premiums by an average of 8.4% and condominium rates by 12% for 170,000 policyholders. Home insurance costs in Florida average over $5,700 annually, driven higher by hurricanes, flooding, costly reinsurance, and litigation. Many homeowners have turned to the state-run Citizens Property Insurance Corp. Recent legislative reforms and increased market competition have helped insurers reduce rates and tackle the underlying causes of rising premiums. Lower reinsurance costs and market improvements are enabling insurers like Florida Peninsula to propose significant premium reductions.

Read at SFGATE