Promising Changes in Florida Property Insurance: What Homeowners Need to Know for 2024

At Your Home Sold Guaranteed Realty Services Prime Time Home Team, we strive to keep our clients informed about crucial market changes.

Recently, the Florida Office of Insurance Regulation (OIR) announced promising news for homeowners: many property insurance companies are reducing rates or keeping them steady for 2024.

Companies Reducing Rates
Nine property insurance companies have filed for rate reductions in 2024, including:

Safe Harbor Insurance Company
Spinnaker Insurance Company
Southern Oak Insurance Company
American National Property & Casualty Company
Heritage Property & Casualty Insurance Company
US Coastal Property & Casualty
Florida Peninsula Insurance Company
Stillwater Property and Casualty Insurance Company
American Integrity Insurance Company of Florida

Companies Maintaining Rates
Additionally, ten companies have committed to a 0% increase for 2024:

Florida Family Home Insurance Company
Florida Farm Bureau General Insurance Company
American Bankers Insurance Company of Florida
Edison Insurance Company
Castle Key Insurance Company
Heritage Property & Casualty Insurance Company
Castle Key Indemnity Company
American Integrity Insurance Company of Florida
American Security Insurance Company
American Traditions Insurance Company

Market Stability and Consumer Protection

OIR attributes this trend to recent legislative reforms and a commitment to market stabilization. According to Insurance Commissioner Michael Yaworsky, these changes are part of Governor DeSantis' efforts to ensure a reliable and protective insurance market for Florida's homeowners.

For more information on how these changes could affect your property transactions, contact Your Home Sold Guaranteed Realty Services Prime Time Home Team. We're here to help you navigate the market with confidence.

Also Read: Our office has moved just a few units from our old location.


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Ernest Van Glahn
Your Home Sold Guaranteed Realty Services Prime Time Home Team
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