JACKSONVILLE, Fla. – Jacksonville Mayor Lenny Curry on Thursday announced the city has once again been rated Class I by the Insurance Services Office (ISO) in their recent public protection classification.
What does that mean for Jacksonville residents?
According to Curry, that means insurance rates in Jacksonville will likely be coming down in many areas around the city. He said the rating and other improvements from Jacksonville Fire and Rescue, including new fire stations recently built and the placement of rescue units, saved taxpayers over $100 million in insurance premiums in 2021.
“Not only do well-equipped and effective fire stations save lives, but they save taxpayers money,” Curry said. “This has a direct impact on the premiums that people pay on their homeowner’s insurance, and we know here in Florida now, it’s an issue.”
The city said the amount a homeowner will save when the rating takes effect in July will be more than $240 million. News4JAX asked JFRD Cheif Keith Powers about that number and what it really means.
“So that number is real dollars in people’s pockets,” Powers said. “That is dollars people save every year on property insurance. That means a lot to this county, especially in the economic times we are in, and insurance rates are on the rise right now. That is a very conservative number. That number could be higher as we go throughout the year.”
There are a number of things that go into this calculation, such as water availability. JEA said it has also increased the number of fire hydrants around the city and more fire stations are set to come online in the coming years.
The News4JAX I-TEAM has been looking into ISO ratings in the city since 2016. Back then, we found that 23,000 homes and businesses in Duval County were located in areas where it costs more to insure them.