Florida Peninsula Insurance Company has revealed plans for a statewide average reduction of 2% in homeowners insurance premiums.
In January, Lori Lanni shared her experience with WPTV, having received a notification from Citizens Property Insurance, the state’s insurer of last resort. The letter informed her that her policy would be transferred to private insurers, necessitating a choice among them. Lanni noted a potential savings with Florida Peninsula Insurance, estimating her new premium to be approximately $978, nearly $1,000 less than her previous rate.
Now, several months later, Florida Peninsula Insurance customers have reason to celebrate.
“We’re very excited. We’re getting ready to reduce rates by 2% for our condominium and homeowners insurance customers,” remarked Clint Strauch, President of Florida Peninsula Insurance, in an interview with WPTV.
This reduction, effective July 15 for new customers and August 1 for renewals, marks a positive turn amid economic challenges.
“Given the climate that we’re in, rising prices for almost everything that we use on a daily basis, I think that’s really good news,” Strauch affirmed.
Strauch attributed this development to Senate Bill 2A, passed in 2022, which facilitated changes in the claims environment, curbing frivolous lawsuits and enabling rate adjustments.
“The reason that legislation was so instrumental is it did change the claims environment and it prevented a lot of frivolous lawsuits,” Strauch elaborated. “We were seeing a lot of frivolous lawsuits and I think the changes made a big difference and that is the main reason we have the rate decrease today.”
With 130,000 policies currently in Florida, Florida Peninsula has absorbed over 55,000 Citizens Insurance policies since its initiation. Strauch hinted at the potential for further reductions as their customer base continues to expand.
“I think this is just the beginning. I think given the environment, unless things change, more hurricanes, more inflation, I think we’re going to start seeing a trend of lower rates, rate decreases and that’s going to help consumers,” Strauch anticipated.
