Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, has announced a 3.3% rate decrease approval by the Florida Office of Insurance Regulation for its Florida homeowner’s (HO3) business.
This rate reduction is a result of positive changes in Florida’s laws, including the elimination of one-way attorney fees and other unfair claims practices.
After years of challenges, reforms in the state have led to better loss trends and a more stable reinsurance market. Consequently, Heritage can now pass on savings to its policyholders while expecting its profit margins to remain steady or even improve.
Ernie Garateix, Chief Executive Officer of Heritage Insurance, underscores, “Our commitment to providing Florida with affordable and reliable insurance solutions remains steadfast.
“The approved rate decrease is a testament to our efforts in effective risk management and strategic underwriting practices, as well as the favourable impact of legislative changes made in the 2022 special session of the Florida legislature.
“We are dedicated to offering our customers essential homeowners insurance while maintaining the high level of service they expect from us,” Garateix concluded.
This rate decrease reflects broader industry trends, where improved risk management and favourable loss ratios have led to reduced costs for both insurers and policyholders. It also showcases the company’s strong financial position and its ability to respond efficiently to market conditions.
