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Home insurance rate reductions will be 'slow movement downward,' American Integrity CEO says

Tampa-based insurer asks for rate decrease of 6.9% for about 55,000 customers

WPTV continues to search for solutions and any signs of relief as residents continue to pay for inflated home insurance costs.

When will insurance rates fall? What this CEO is saying

American Integrity Insurance CEO Bob Ritchie

By: Matt Sczesny

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PALM BEACH COUNTY, Fla. — WPTV continues to search for solutions and any signs of relief as residents continue to pay for inflated home insurance costs.

We learned in July that American Integrity Insurance based in Tampa is asking for a rate decrease of 6.9% for about 55,000 customers and no rate increase for 215,000 customers.

However, we're still hearing about large hikes from other carriers when customers get their renewal notices.

Scripps News Tampa recently sat down with American Integrity Insurance CEO Bob Ritchie, who told homeowners to be patient and more decreases are on the way.

"Everybody wants to get reform immediately. They want to see rate reductions immediately. Unfortunately, it's a slow movement downward," Ritchie said. "But I'm excited as CEO of this company where nearly 7% of our rate on a select group of customers are realizing a real rate reduction, and what I promise all of our customers is that as we see the benefits of reform we will pass them along."

Ritchie is talking about the reforms by state lawmakers in Tallahassee on litigation.

Several CEOs have said they are seeing a difference in their bottom lines, but experts tell WPTV that it will still take time for rates to decrease after surging over the last few years.

Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.