Florida domiciled property insurer, American Integrity Insurance, has significantly reduced its rates by 6.9%, benefiting more than 55,000 customers.
At the same time, the insurer has revealed that nearly 215,000 homeowners can now enjoy stable rates, with no increases following the annual filing set for mid-July 2024.
This rate reduction directly results from the groundbreaking legislative reforms enacted in late 2022 and early 2023 in the state, that effectively curbed the rampant roof claim and litigation abuse that plagued the industry.
These reforms have claimed to curtail the predatory practices of “billboard attorneys” who exploited regulatory loopholes for personal gain.
Bob Ritchie, President and Chief Executive Officer, commented, “Historic legislative reforms have begun to dismantle the costly ‘tort tax’ that consumers have shouldered for years. With these unnecessary costs diminishing, we are looking forward to passing the savings directly to our policyholders.”
For nearly a decade, frivolous claims and litigation drove Florida’s property insurance market to the brink, with the enactment of SB 2A in December 2022 came a turning point due to the elimination of one-way attorney fees and the assignment of benefits.
Jon Ritchie, Chief Operating Officer, concluded, “We extend our heartfelt thanks to Governor DeSantis, former Senate President Kathleen Passidomo, and former House Speaker Paul Renner for their unwavering commitment to restoring Florida’s property insurance market.
“These reforms are paving the way for a more affordable and sustainable future for both insurance customers and companies.”
