Are Florida Homeowners Insurance Rates Dropping?

Homeowners insurance
Many Florida insurers have announced rate reductions or pauses for 2024.

Florida homeowners know all too well the sting of rising insurance costs. In particular, homeowners insurance in The Sunshine State has reached a level of crisis in recent years. However, in a year marked by economic uncertainty, some insurance companies are offering a welcome sign of stability – holding their rates steady or even implementing cuts. With the Federal Reserve holding interest rates steady and some positive signs on the inflation front, a few insurance companies in the Sunshine State are bucking the trend and offering some relief. We discuss below.

Companies that have had homeowners insurance rate reductions

According to the Florida Office of Insurance Regulation (OIR), the following nine companies have announced rate reductions for homeowners insurance in 2024:

  • Safe Harbor Insurance Company
  • Spinnaker Insurance Company
  • Southern Oak Insurance Company
  • American National Property & Casualty Company
  • Heritage Property & Casualty Insurance Company
  • US Coastal Property & Casualty
  • Florida Peninsula Insurance Company
  • Stillwater Property and Casualty Insurance Company
  • American Integrity Insurance Company of Florida

Companies that have kept homeowners insurance rates steady

The following 10 companies have announced that they have kept their rates steady for 2024:

  • Florida Family Home Insurance Company
  • Florida Farm Bureau General Insurance Company
  • American Bankers Insurance Company of Florida
  • Edison Insurance Company
  • Castle Key Insurance Company
  • Heritage Property & Casualty Insurance Company
  • Castle Key Indemnity Company
  • American Integrity Insurance Company of Florida
  • American Security Insurance Company
  • American Traditions Insurance Company

Summary

While these are positive developments, it’s important to remember that not all companies are created equal. Here are some tips for Florida homeowners looking for the best rates:

  • Shop around: Don’t just stick with your current insurer. Get quotes from multiple companies to ensure you’re getting the best deal.
  • Consider your coverage: Evaluate your current policy and adjust your coverage levels if necessary. Higher deductibles can often lead to lower premiums.
  • Look for discounts: Many insurers offer discounts for things like having a good credit history, installing hurricane shutters, or taking mitigation courses.

Are you looking to buy or sell real estate in the South Florida area? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, don’t forget to download the free Florida Home Search app for your smartphone or tablet.

By natasha moore

REALTOR® with Live South Florida Realty, Inc.