Florida Insurance Commissioner Mike Yaworsky has approved significant rate decreases affecting more than 62,000 homeowners statewide — and officials say more cuts are coming.
Four insurance companies recently received approval to lower their rates, effective at renewal: One Alliance North America Insurance Company, Safe Harbor Insurance Company, Unique Insurance Company and Vyrd Insurance Company.
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The approved decreases break down as follows:
- One Alliance North America — 10.4% decrease, impacting 17,148 policies
- Safe Harbor Insurance Company — 4.1% decrease, impacting 10,501 policies
- Unique Insurance Company — 3.2% decrease, impacting 8,266 policies
- Vyrd Insurance Company — 10.4% decrease, impacting 26,751 policies
“This is the latest wave of significant rate decreases for Floridians, which continues to grow higher,” Yaworsky said.
“I expect to see more aggressive rate cuts in the near future and going into 2027. OIR is receiving a flood of rate decrease requests ranging from -0.3 to -19.7. This is great news for Floridians and OIR will expedite reviews of rate filings to ensure policyholders feel it in their pockets.”
More requests in the pipeline
The Office of Insurance Regulation, or OIR, is currently reviewing a growing wave of additional rate reduction requests. Since January 2024, 48 companies have filed for a rate decrease and 53 companies have requested no change, or a 0% increase.
The 30-day average request for homeowners’ rates is now -4.8% — compared with -1.1% one year ago and +5.2% five years ago. The 180-day average request currently sits at -0.3%, compared with 0.0% one year ago and +5.1% three years ago. As recently as July 2022, the average approved rate was +15.33%.