FAQ on Florida Peninsula Insurance's Proposed Rate Decrease for Home and Condo Policies
Summary
Florida Peninsula Insurance Company proposes the largest rate decrease in its history, with an average 8.4% decrease for homeowners and 12% for condo owners, thanks to legislative reforms aimed at reducing frivolous lawsuits and inflated claims.
What is the proposed rate decrease by Florida Peninsula Insurance?
Florida Peninsula Insurance has proposed a statewide average decrease of 8.4% for homeowner’s premiums and an average 12% decrease for condo owners.
Why is Florida Peninsula Insurance able to propose such a significant rate decrease?
The decrease is due to the success of recent legislative reforms that have reduced frivolous lawsuits and inflated claims, allowing savings to be passed on to policyholders.
When will policyholders see the proposed rate decrease?
Subject to approval, most policyholders will see the decrease later this year or early 2026.
Who will benefit from the proposed rate decrease?
Tens of thousands of Florida households with homeowner’s or condo insurance policies from Florida Peninsula Insurance will benefit.
How does this rate decrease compare to other insurance companies in Florida?
This is one of the most substantial proposed decreases by any Florida-based insurance company, especially notable given that most companies have raised rates in prior years.
What legislative reforms contributed to this rate decrease?
Reforms such as SB 2A (2022) and HB 837 (2023) curtailed abuse of assignment of benefit agreements, limited frivolous lawsuits, and placed reasonable limits on claims handling timelines.
Who is Clint Strauch and what did he say about the rate decrease?
Clint Strauch is the President of Florida Peninsula Insurance, who stated that the legislative reforms have successfully addressed the root cause of increasing insurance premiums in Florida.
What makes Florida Peninsula Insurance a leader in the homeowner’s insurance market?
Florida Peninsula Insurance is known for its financial strength, responsive claims handling, and forward-thinking risk management, making it a dependable and affordable option for homeowners.
Where can I find more information about Florida Peninsula Insurance?
More information can be found on their website at https://www.floridapeninsula.com/.
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