WEST PALM BEACH, Fla. — A Florida insurance company has been approved by state regulators to lower their homeowners premiums by 3.3%.
Heritage Insurance released that information saying the reduced rate will take effect Aug. 20.
"The approved rate decrease is a testament to our efforts in effective risk management and strategic underwriting practices," Heritage CEO Ernie Garateix said, "as well as the favorable impact of legislative changes made in the 2022 special session of the Florida legislature."
Heritage is among nine insurers in Florida seeking to lower rates with requests to the Office of Insurance Regulation.
Another 10 companies have filed for zero rate increases.
All of the requests are targeted for later this year or next year.
Nearly all those companies have credited the litigation reforms from Florida lawmakers with improving market conditions.
Within the last year, state leaders said new companies are entering the state and insurers are posting profits for the first time in several years.
If you have a question or comment on homeowners insurance, email me at matt.sczesny@wptv.com.