Against the tide of rising rates, one Florida insurer is set to deliver some much-needed relief for homeowners in the state.
Beginning on July 15 for new customers and August 1 for renewals, Florida Peninsula Insurance Company has announced a 2% reduction in rates for homeowner and condo policies across the state.
The new rates come as a response to recent legislative changes and the findings of the company’s analytics team, which identified opportunities to pass additional savings on to policyholders.
Clint Strauch, president of Florida Peninsula Insurance, expressed optimism about the decision’s impact on residents.
“This should come as great relief to many Florida homeowners who have been suffering through this insurance crisis,” Strauch said. “Florida Peninsula Insurance’s dedicated analytics team did their advanced calculations and recommended a 2% decrease in premiums. We are happy to be able to offer this reduction to Florida residents. The industry is showing indications of stabilization thanks to the hard work of our state legislators.”
Established in 2005, Florida Peninsula Insurance Company specializes in home, condominium, and renter policies. It operates under the management of Windward Risk Managers and is based in Boca Raton.
Elsewhere in the state, Windward Risk Managers has also announced the launch of Ovation Home Insurance Exchange, a new player in the Florida home insurance landscape.
According to the latest figures, Florida is one of the most expensive states for home insurance. Six of the 10 costliest cities located in South Florida, and five of these cities are at a “very high risk” of natural hazards based on Federal Emergency Management Agency’s (FEMA) National Risk Index.
Other states with the highest home insurance rates include: Arkansas, Louisiana, Mississippi, and Texas, with all situated along the path of many destructive hurricanes. Kansas, Nebraska, Oklahoma, and Texas, meanwhile, are in the Tornado Alley. Nebraska and Texas, along with Colorado, also face growing wildfire risks.
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