Florida Peninsula Says Reforms Have Had an Impact, Announces 2% Rate Cut

April 11, 2024

After the Florida Legislature in 2022 and 2023 passed sweeping reforms designed to limit excessive claims litigation, some in the insurance industry predicted that the new rules would prevent further rate increases – but would not lead to actual decreases in premiums.

Boca Raton-based Florida Peninsula Insurance Co. begs to differ. The company recently filed for and was approved for an average 2% decrease in homeowners and condominium policies, for new business and renewals, starting in July.

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