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'That's a huge change:' 2 more insurance companies look to lower rates

'The market is on a path to stability, we can take action to help our customers and that’s what these companies are doing,' Mark Friedlander says
Posted at 6:58 PM, Apr 16, 2024

WEST PALM BEACH, Fla. — Two more insurance companies in Florida are reportedly looking at a very modest half percent cut in rates, but a cut nonetheless.

Just maybe, this is the trend we've all been waiting to see.

"That’s a huge change, shocking change to the Florida insurance market," Mark Friedlander, of the Insurance Information Institute, said.

That now brings three insurers in the state looking at premium cuts this year:

  • Florida Peninsula - 2%
  • Slide - 1/2%
  • Florida Family - 1/2%

Florida Peninsula started the trend earlier in April, when president Clint Strauch announced the 2% reduction, citing state reforms on insurance litigation.
“We were seeing a lot of frivolous lawsuits and I think that the changes made a huge difference, that is the main reason we have a rate decrease today," Strauch said.

Clint Strauch president of Florida Peninsula Insurance rate reduction April 10 2024
Florida Peninsula Insurance president Clint Strauch talks about company's rate reduction.

Florida Peninsula expects their reduction to start over the summer.

The half percent cuts with Slide and Florida Family round out to about a $25 savings on a $5,000 policy, but it does send a positive signal to many.

Overall, insurance rates are still expected to rise for many policyholders.

Mark Friedlander of the Insurance Information Institute explains why the insurance industry is having positive results this year.
Mark Friedlander of the Insurance Information Institute explains why the insurance industry is having positive results this year.

Insurify predicts rates in the state to rise 7%, a much lower number than in past years.

“The market is on a path to stability, we can take action to help our customers and that’s what these companies are doing," Friedlander said.

If you have a question or comment on insurance, email me at matt.sczesny@wptv.com