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Hand holding a piece of wood block with model white house on dollar banknote. Insurance and property investment real estate concept.

The rate decrease comes a month after Jimmy Patronis advised state residents that rates would come down.

A notable property insurance company is lowering its rates in Florida as homeowners continue struggling with insurance prices.

Heritage Insurance Holdings Inc. is decreasing the cost of insuring homes and other property. The agency announced this week that the Office of Insurance Regulation gave the go-ahead for the company to lower rates by 3.3%. The lower cost for coverage will go into effect Aug. 20.

Heritage officials credited the Legislature for prompting the rate decrease.

“This rate decrease is reflective of the positive impacts of the Florida legislative changes, which eliminated one-way attorney fees and reduced other abusive claims practices, improving loss trends and the stabilization of the reinsurance market,” a Heritage news release said.

Company officials said that move by lawmakers allowed them to pass along financial adjustments to customers.

“Our commitment to providing Florida with affordable and reliable insurance solutions remains steadfast,” said Ernie Garateix, CEO of Heritage. “The approved rate decrease is a testament to our efforts in effective risk management and strategic underwriting practices.”

The current insurance rate situation in Florida has been labeled as a “crisis” by many state government officials such as Chief Financial Officer Jimmy Patronis. Nationally, insurance rates have climbed by 21% in the past year. In Florida, some of those rate hikes have doubled that figure.

In April, Patronis told Florida residents to hold steady as he advised those coverage costs were about to become more manageable for many Sunshine State residents.

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6 comments

Andy
May 23, 2024 at 5:59 pm

This is the most asinine press release I have read. Do you think by purging the words, ‘Climate Change’ is going to protect your liability with the most severe storm and hurricane season predicted by metereologists, not political whores..
- Elvis Pitts "The Big Voice On The Right" American
  May 23, 2024 at 7:01 pm
  
  Thanks Andy for “Weighing In”,
  Just a few quick questions to bring all the “Sage Patriot” majority readership “Up To Speed” with what it must be like to be a “Dook 4 Brains” climate change greeny beliver.
  1.) Are y’all still wearing those covid face masks?
  2.) Do you drive the perferred Lefty Subaru SUV?
  3.) Do you wear your covid face mask when driving alone in your Dook-Mobile Subaru SUV?
  4.) Do you wear a man-pony tail or man-bun?
  5.,) Are you a HomerTestical fornicator?
  6.) Will you be “Screaming At The Sky for the duration of the Trump/DeSantis POTUS/VPOTUS 4 year term?
  Thanks Andy and if you would please let us know how many STD’s you have.
  Elvis Pitts American
  - Dont Say FLA
    May 24, 2024 at 1:28 pm
    
    Pops, kids these days think STD is a kind of motor oil still in stores for folks driving deprecated internal combustion engine mobiles.
    
    STI is the new word for the Sipfh and the Gone Or Reah and the Hair Piece and the clapper and whatever all else is still out there
KathrynA
May 23, 2024 at 8:59 pm

Amazing, isn’t it? We’d all like lower sea levels and fewer hurricanes; we didn’t realize it would happen by just ignoring them and never saying “climate change”. If it only it was so easy!
- rick whitaker
  May 23, 2024 at 11:14 pm
  
  KATHRYNA, earl/elvis pitts and maga dorks think that it is just that easy. maga uses words to control their flock. the meaning of those words don’t seem to matter to the maga crowd. weather is getting worse faster. take shelter
Dont Say FLA
May 24, 2024 at 1:25 pm

This year? A La Nina year? Not gonna complain about lower rates, but La Nina years are the ones were the hurricanes do tend make landfall rather than spin off and up the Atlantic coast or spin around in the Gulf.

The plan must be to lower rates by 1% so the 30% increase next year can be excused with the claim “we just lowered rates and then a bunch of hurricanes nobody could ever possibly have predicted making landfall this hurricane season made landfall”

I mean except for the very well established pattern of La Nina years allowing for more hurricane landfalls, but folks at large don’t know that, and if you told them, 50% would claim it’s a lie from the deep state climate change nuts