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TAMPA, Fla. (WFLA) — Florida home insurers announced Thursday that they have proposed a “significant premium reduction” to policyholders.
The Florida Peninsula Insurance Company, one of the state’s largest homeowner insurance groups, recently filed with the Florida Department of Insurance Regulation (OIR) and said it proposed a statewide average reduction in homeowners’ premiums, including an average 12% decrease in condominium ownership.
If approved, the company said most policyholders would experience a significant premium decline later this year or early 2026.
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“Legal reforms contribute to a measurable decline in frivolous litigation and inflated claims, providing the ability to pass savings to policyholders in the law. This rate reduction shows that it has been successful in the underlying cause of increasing premiums for Florida insurance.
The Florida Peninsula Insurance Company said this marks the biggest rate cut in its 20-year history.
“This rate drop is one of the most significant proposed declines by Florida-based insurance companies,” said Dulce Suarez-Resnick of Acentria Insurance. These new fees will bring meaningful premium savings to tens of thousands of Florida households. We are proud to represent a company that is leading the way towards a brighter future for Florida homeowners. ”
Florida Peninsula Insurance also includes sister companies Edison Insurance Company and Ovation Home Insurance Exchange.
