Florida Peninsula seeks 8.4% homeowners’ rate cut after reforms

By Ashish Tiwari

Aug 15 - (The Insurer) - Florida Peninsula Insurance has filed to lower its homeowners’ premiums by an average of 8.4% statewide, including a 12% drop for condominium owners, in what the insurer said is the biggest reduction in its 20-year history.

The proposal, submitted to the Florida Office of Insurance Regulation, could take effect later this year or in early 2026 if it is approved. Most property insurers in Florida have raised rates in recent years owing to inflation, costly reinsurance and litigation.

President Clint Strauch said the cuts were made possible by 2022 and 2023 state legislative reforms, including Senate Bill 2A and House Bill 837, that curbed abuse of assignment-of-benefit agreements, limited attorney fees and imposed stricter claims timelines.

Florida’s property insurance market has faced years of financial strain, with many insurers leaving the state or going insolvent.

However, thanks to the recent legislative reforms, the market is showing signs of stabilizations, according to the carriers based in the state.

Florida Peninsula said these measures had reduced frivolous lawsuits and inflated claims, allowing savings to be passed on to tens of thousands of households.