Nine Florida property insurance filings that lower rates took effect in October, covering about 824,300 policyholders statewide, Florida's Office of Insurance Regulation said Thursday.
The cuts apply when a policy is newly written or renewed, so customers see them at their next renewal rather than mid-term. The largest single reduction is 12.1%.
Which companies and how much
According to a table the regulator published with its announcement:
- Universal Property & Casualty: 5% lower for about 512,000 customers, effective Oct. 16, across homeowner, renter, condominium and older-home policy forms (HO-3, HO-4, HO-6 and HO-8).
- Kin Insurance: 3.4% lower for about 99,800 HO-3 homeowner policies, effective Oct. 8.
- Olympus Insurance: 0.1% lower for about 66,800 customers, effective Oct. 31.
- Cypress Property & Casualty: 12.1% lower for about 64,300 customers, effective Oct. 1.
- Castle Key Indemnity: 12% lower for about 51,580 condominium (HO-6) policies, effective Oct. 11.
- Security First: 7.3% lower for about 17,300 HO-6 policies, effective Oct. 20.
- Castle Key Insurance: 10.3% lower for about 4,700 HO-6 policies, effective Oct. 11.
- Mangrove Insurance: 5.6% lower for about 4,000 HO-3 policies, effective Oct. 27.
- Manatee Insurance Exchange: 3.5% lower for about 3,850 HO-6 policies, effective Oct. 1.
The office also pointed to August filings, now in force: two from American Integrity Insurance Company (a 0.3% cut reaching about 184,000 customers and a 12.3% cut reaching about 8,900) and an 8% reduction from Florida Family Home Insurance Company covering about 20,700.
